IT, consulting and business process services giant Wipro has said that it will acquire for $45 million (Rs 312 crore at current exchange rate) US-based International TechneGroup Incorporated (ITI), a digital engineering and manufacturing solutions company with a global presence.
Harmeet Chauhan, senior vice-president, industrial and engineering services, Wipro, said, “This acquisition complements Wipro's core strengths in Industry 4.0 and allows us to offer end-to-end solutions in digital engineering and manufacturing.”
ITI, which is a provider of computer-aided design (CAD) and product lifecycle management (PLM) solutions, said that it is aiming to provide the building blocks for the Industry 4.0 revolution in order to help build the next generation of digital enterprises.
ITI, founded in 1983 in Ohio, US, today has offices in Italy, Israel and Germany through which the company provides software products and services to manufacturers in the verticals of aerospace, automotive, healthcare and other segments.
ITI has long-standing partnerships with leading CAD, computer-aided manufacturing, computer-aided engineering and PLM vendors, providing a variety of vendor/OEM (original equipment maker) integration and interoperability solutions, a release pointed out.
Wipro said that ITI’s offerings and solutions would be consolidated under Wipro’s industrial and engineering services’ wing as a wholly-owned US subsidiary.
Tom Gregory, chief executive of ITI, said that customers and employees would benefit immensely from the synergies of the consolidated suite of offerings.
"Clients will gain access to Wipro's global services and ITI's innovative solutions to accelerate the adoption of digital manufacturing initiatives. We are pleased to become a part of the Wipro family,” pointed out Gregory.
The acquisition, however, is subject to customary closing conditions and standard regulatory approvals. Wipro and ITI expect the acquisition to be closed by the quarter ending September.