India’s Wipro has signed a definitive agreement to acquire IT services consulting firm Applied Value Technologies (AVT) for $40m (Rs3.39bn).
In a stock exchange filing, Wipro said: “AVT helps enterprises transform IT operations through a highly customised and data-driven approach.
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“AVT will augment Wipro’s existing application services capabilities, helping drive new growth opportunities.”
The all-cash transaction is expected to be completed by 31 December 2024.
“The purchase consideration includes a deferred consideration in the form of earnout, payable subject to achievement of certain performance metrics / conditions,” the technology vendor added.
AVT has subsidiaries in Massachusetts, Singapore, and the Netherlands, offering enterprise applications development and support services globally.
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By GlobalDataAVT’s consolidated revenue over the last three calendar years was $0.8m in 2021, $8.7m in 2022, and $19.4m in 2023.
Wipro has been actively acquiring companies in 2024.
In March, it acquired a 27% stake in SDVerse, an automotive software marketplace platform, for $5.85m.
It was followed by Wipro’s acquisition of a 60% stake in US-based insurtech company Aggne Global for $66m.
Aggne Global offers services to help insurers transform operations and deliver optimal customer experiences.
The company focuses on building industry-changing solutions for the property and casualty insurance industry, collaborating with clients as partners.
Earlier in December 2024, Wipro partnered with Secure Access Service Edge provider Netskope to deliver cybersecurity optimisation advisory services.
This collaboration aims to offer global enterprises comprehensive services to enhance and streamline cybersecurity outcomes for people, processes, and technology investments.
Wipro’s CyberTransform Optimisation Service, supported by Netskope, assesses existing cybersecurity and infrastructure investments of enterprises.
In August 2024, Wipro was chosen by the John Lewis Partnership (JLP) to spearhead a cloud transformation project.
The initiative focuses on upgrading the UK retailer’s IT infrastructure and driving sustainable growth.
