Wipro Ltd, India’s third-largest software services exporter, said on Wednesday it has signed a pact to acquire Brazilian IT firm InfoSERVER SA for $8.7 million to expand its presence in Latin America.
InfoSERVER is focussed on the Brazilian market and provides custom application development and software deployment services mainly to banks, financial services and insurance (BFSI) companies.
The acquisition is in line with Wipro’s aim to localise and expand its presence in the Latin America market, the company said in a statement.
“The Latin America market, and Brazil in particular, is a strategic growth and investment region for Wipro,” said Ankur Prakash, vice president and head of new growth and emerging markets, Wipro.
Prakash said the acquisition will provide Wipro with scale and key client relationships, especially in the BFSI domains, which are the largest and fastest-growing sectors in the region.
InfoSERVER started its operations in 1995. Intel Capital owns a 36.79% stake in Infoserver.
The acquisition is subject to customary closing conditions and approvals by regulatory bodies in Brazil.
Wipro, led by billionaire Azim Premji, has a significant presence in Latin America with offices in Argentina, Brazil, Chile, Colombia and Mexico.
Wipro has been the most aggressive Indian IT company in recent years when it comes to striking overseas deals. It has spent about $1.3 billion in overseas acquisitions over the past year and a half.
In October last year, Wipro agreed to buy cloud services company Appirio Inc. for $500 million as part of efforts to strengthen its offerings in new technologies.
In February last year, Wipro agreed to purchase US-based HealthPlan Services, a business-process-as-a-service (BPaaS) provider, for $460 million. In December 2015, it acquired US-based BPaas firm Viteos Group for $130 million.
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