Wipro will pay 40 million dollar to acquire Applied Value Technologies an IT consulting firm:

According to BSE regulatory documents, the all-cash purchase is expected to be completed by December 31, 2024.

Wipro plans to spend 40 million dollar to acquire Applied Value Technologies (AVT), an IT services consulting firm based in Massachusetts, in order to expand its present application services capabilities. This transaction comes as the IT services giant is undergoing a business turnaround.According to BSE regulatory filings, the all-cash transaction is expected to close by December 31, 2024.

"AVT helps businesses modernize their IT processes by employing a highly personalized, data-driven strategy. According to the filing, Wipro noted that AVT will expand its present application services capabilities and help to the development of new growth opportunities.

Traditional closing adjustments may be necessary for purchase considerations up to 40 million dollar, depending on the terms of the acquisition agreement. "A deferred consideration in the form of an earn-out is included in the purchase consideration; it will be paid out contingent on the fulfillment of specific performance metrics and conditions."

AVT has subsidiaries in Massachusetts, Singapore, and the Netherlands, which were founded between 2021 and 2022. These companies provide global clients with enterprise app development and support.

AVT's combined revenue over the previous three fiscal years was 0.8 million dollars in CY21, 8.7 million dollars in CY22, and 19.4 million dollars in CY23.

In 2024, Wipro has gone on a shopping spree. The company previously spent 5.85 million dollar for a 27% stake in SDVerse, an automotive software marketplace platform controlled by General Motors and Magna. Later this year, it paid 66 million dollar for a 60 percent stake in US-based insurtech firm Aggne Global.

Wipro CEO Srinivas Pallia remarked in the company's annual report that the company has made bold acquisitions such as Capco and Rizing over the years, resulting in the growth of a strong, international, and diverse workforce. In addition, it will continue to make strategic acquisitions to broaden its domain expertise.

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