Wipro acquires US firm ITI for $45 million
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IT company Wipro on Wednesday announced that it had signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company. Wipro would buy the American firm for $45 million (around Rs 312 crore). ITI is a Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services company. Through its solutions for Model-Based Enterprise (MBE), data interoperability and data migration, ITI helps firms go digital.
Headquartered in Ohio, USA, ITI has offices in the UK, Italy, Israel and Germany, and directly provides software products and services to manufacturers across segments. ITI has partnerships with leading CAD, Computer Aided Manufacturing (CAM), Computer Aided Engineering and PLM vendors, providing a variety of vendor/OEM integration and interoperability solutions.
ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial & Engineering Services business and will function as a wholly-owned US subsidiary of the company.
Wipro’s Industrial & Engineering Services provides customers with a platform to innovate and engineer the next generation of products and platforms at scale, using an approach — EngineeringNXT. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, 2019.
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