IT services company Wipro Ltd on Monday (December 16) announced the acquisition of 100% shareholding in Applied Value Technologies, Inc, and its affiliates Applied Value Technologies Pte Ltd and Applied Value Technologies BV.
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“It is hereby informed that 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,” Wipro said in a regulatory filing.
The acquisition, valued at up to $40 million, is expected to bolster Wipro’s existing application services capabilities and create new growth opportunities. The deal involves a cash purchase consideration, with a deferred earnout contingent on the achievement of certain performance metrics. The transaction is expected to be completed by December 31, 2024.
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Applied Value Technologies, founded in 2021 in the USA and expanding globally with operations in Singapore and the Netherlands, specialises in enterprise application development and support services. The company’s consolidated revenue has seen significant growth, from $0.8 million in 2021 to $19.4 million in 2023.
“Applied Value Technologies helps enterprises transform IT operations through a highly customised and data-driven approach. AVT will augment Wipro’s existing application services capabilities, helping drive new growth opportunities,” it said.
Shares of Wipro Ltd ended at ₹309.10, down by ₹0.90, or 0.29%, on the BSE.
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(Edited by : Shoma Bhattacharjee)
