New York, April 24 (PTI): Wipro Limited has signed a definitive agreement to acquire US-based Nervewire Inc, an IT consulting firm offering financial services, for $ 18.7 million.
Wipro expects the transaction to be completed in the quarter ending June next year.
Nervewire Inc has a team of over 90 domain experts and IT consultants in the US and offers financial services to clients in the security services, trading/investment management, banking, insurance and high-tech industries as well as private clients. It brings to Wipro more than 40 client relationships with over 20 active engagements.
Girish Paranjpe, president (financial services) of Wipro Technologies, said, “In the last 12 months we have built up momentum in our financial services business through marquee client wins and good execution.
“The Nervewire’s consultants bring in deep domain knowledge and strong customer relationships. We believe this acquisition will be a strong catalyst for growth by creating better customer value,” Paranjpe said.
Nervewire provides strategy and business case development, IT strategy and programme management, business and technology architecture development, package and technology analysis and selection, and systems development and integration. It has worked with the world's largest financial institutions to create business plans and develop systems that synchronise their operations internally, as well as with those of their customers, suppliers, and business partners.
John plansky, Nervewire's president and chief executive officer, said, “Currently, we are focussed on business consulting, architecture, and custom development services. Wipro’s strong quality processes, global delivery model, and outsourcing capabilities will enhance the value that we offer to our clients.