Wipro Acquisition Update: Azim Premji's Company Buys 100% Stake In This Co At Rs 339 Cr - Details

Azim Premji’s Tech Gaint Wipro Limited, through its subsidiaries, has finalized a definitive agreement to acquire Applied Value Technologies, Inc., Applied Value Technologies Pte Ltd, and Applied Value Technologies B.V. These entities, collectively part of the Applied Value Group, specialize in enterprise IT transformations using a data-driven approach.

'Wipro (through its subsidiaries) has signed a definitive agreement to acquire 100% shareholding in Applied Value Technologies, Inc., Applied Value Technologies B.V. and Applied Value Technologies Pte Limited on December 16, 2024,’ the company mentioned in the exchange filing.

Wipro Acquisition Details 
This acquisition aligns with Wipro's strategy to enhance its application services and tap into emerging growth opportunities. AVT's expertise will bolster Wipro’s capabilities in providing customized IT solutions and enterprise applications development.

Acquisition Valuation
Wipro will acquire AVT for a total cash consideration of up to approximately Rs 339 crore ($40 million ). This includes deferred earnouts linked to performance metrics. AVT reported a turnover of $19.4 million in 2023, showcasing significant growth since its inception in 2021.

‘Purchase consideration of up to US$ 40 million, subject to customary closing adjustments as per terms of the purchase agreement,’ the company mentioned in the exchange filing. 

Global Presence and Industry Impact
AVT, headquartered in Massachusetts, USA, also has operations in Singapore and the Netherlands. The company’s innovative IT solutions cater to a global clientele, making it a strategic asset for Wipro's international expansion.

Transaction Timeline and Approvals
The acquisition does not involve related-party transactions and requires no regulatory approval. It is expected to close by December 31, 2024.

Also Read: Reliance Power Share Price Today: Mega Order For Anil Ambani Company - Check Details | Republic Business