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Wipro completes acquisition of US-based ITI

Press Trust of India  |  New Delhi 

IT major Wipro on Friday said it has completed the acquisition of US-based International TechneGroup Incorporated (ITI).

Wipro had announced in June that it will acquire ITI, which provides computer aided design and product lifecycle management interoperability software services, for USD 45 million (around Rs 312 crore).

In continuation with the announcement made on June 5, "the said acquisition has been completed on October 3, 2019," Wipro said in a regulatory filing to BSE.

Founded in 1983 and headquartered in Ohio, US, ITI has offices in the UK, Italy, Israel and Germany. It is privately held and had 130 employees as of March 2019. Its revenue stood at USD 23.2 million in FY18 (year ending June 30).

Wipro had earlier said that the acquisition would allow the Bengaluru-based company to offer end-to-end solutions in digital engineering and manufacturing.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 04 2019. 19:15 IST