Wipro completes acquisition of Brazilian IT firm IVIA Serviços for $22.4 mn
Wipro on Saturday said it has completed the acquisition of Brazilian IT firm IT IVIA Serviços de lnformitica Ltda.
In July, Wipro announced that it had signed an agreement to acquire IVIA for $22.4 million (about Rs 169 crore).
IVIA is a provider of IT solutions including system development, maintenance, consulting, and project management services to clients in Brazil.
“…In continuation to the aforesaid letter (dated July 14, 2020), this is to inform that the said acquisition has been completed on August 14, 2020,” Wipro said in a BSE filing on Saturday.
In July, Wipro had said IVIA’s local talent and long-standing relationships, combined with its own global expertise, will help expand its geographical footprint in Brazil.
The acquisition will also help Wipro set up delivery centres in the northeast of Brazil leveraging IVIA’s workforce, it had noted.
IVIA was privately held and had around 722 employees (as of December 2019). It had reported net revenue of $13.5 million for the year ended December 31, 2019, according to Wipro’s July filing.