Wipro to acquire Encore Theme Technologies

Wipro announced that it has signed a definitive agreement to acquire Encore Theme Technologies, a specialist in providing SaaS and Cloud solutions in financial services.

Over the past decade, Encore Theme - headquartered in Chennai, India - has focused exclusively on implementing a broad suite of Trade Finance solutions, developed by Finastra, one of the world's largest fintechs, to financial institutions across the Middle East, Africa, India and Asia Pacific. They have successfully delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions.

Financial institutions are all looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial routines. Trade Finance is a strong revenue generation stream with a high cost base structure, where technology will play a big part in driving future growth. Wipro, a global strategic partner of Finastra, and Encore Theme will together enable this modernization for financial institutions.

The acquisition is subject to customary closing conditions and is expected to close in the quarter ending 31 December 2020.

Encore Theme is a global banking and financial software solution provider of Finastra Products. It is the fastest growing partner of Finastra across Middle East, Africa, India and Asia Pacific. It is also one of the largest Finastra partners for Trade Finance.

The announcement was after market hours yesterday, 28 October 2020. Shares of Wipro rose 0.43% to settle at Rs 335.60 yesterday.

Wipro is a leading global information technology, consulting and business process services company.

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