Wipro buys IT consulting co Cellent for Rs 520cr
BENGALURU: Wipro is acquiring German IT consulting and software services company Cellent AG for 73.5 million euros (Rs 520 crore). The move will not only significantly strengthen its presence in Germany, Austria and Switzerland, but will also boost its manufacturing and automotive verticals.
The acquisition comes within months of Wipro’s buyout of Denmark-based strategic design firm Designit for Rs 594 crore and, together with last year’s acquisition of Canada’s Atco I-Tek for Rs 1,175 crore, suggests that India’s third biggest IT services firm is moving aggressively to expand its geographic footprint, strengthen verticals and thereby also de-risk its operations. Its relatively big exposure to the oil and gas vertical has in recent times resulted in subdued revenue growth, given the steep fall in oil prices.
Cellent, founded 14 years ago, was part of Landesbank Baden-Wuerttemberg (LBBW), the parent company of three commercial banks and several other financial and other companies. It has more than 800 consultants – all will now become part of Wipro. It had 87 million euros (Rs 613 crore) in revenue in 2014.
“Cultural synergies and locational proximity are key to building successful customer relationships. Cellent is a well-established player with marquee customers, a well-known brand and has strong local talent. Cellent will significantly boost our footprint in the DACH region (Germany, Austria, Switzerland), especially in the manufacturing and automotive domains,” said N S Bala, chief executive of the manufacturing and hi-tech vertical in Wipro.
Peter Rohrbach, CEO, Cellent, said the company’s mission for continuous improvement had earned it the trust of its customers and opened up many new opportunities, which required global expertise and a wider range of IT services and solutions. “By joining the Wipro family, we will be able to leverage Wipro’s vast services portfolio and its international network to meet our customers’ requirements end-to-end,” he said.
Read full article: TOI
CHENNAI/BENGALURU: For technology companies struggling to cope with the rains flattening Chennai, it has been a tricky balancing act trying Read more
Aditya Birla Nuvo (ABNL) yesterday, 2 December 2015 announced that Sun Life Financial (Sun Life) will increase its stake in Read more
The largest recruiters of candidates from B-school campuses, information technology companies, have cut down on hiring numbers this placement season Read more
IT sector leaders from India will meet officials and U.S. lawmakers from President Trump’s administration later on in February to Read more
