Wipro To Buy Chennai Firm Encore Theme
A definitive agreement has been signed by Wipro to buy Chennai-based firm Encore Theme Technologies Pvt Ltd, a SaaS and cloud solution provider in financial services for a value of Rs 95 crore. The cash deal is expected to be finalized during the quarter ending December 31, 2020, as per the company’s regulatory filing on Wednesday.
As per the statement, Wipro is likely to buy a 73 percent equity stake upfront while the remaining 27 percent stake is subject to the receipt of particular regulatory approvals and confirmations.
Encore Theme Technologies Pvt Ltd possesses expertise in providing a bunch of trade finance solutions, developed by Finastra to worldwide financial institutions across West Asia, Africa, India, and the Asia Pacific. Finastra is one of the world’s largest fintechs known for delivering 75 successful Finastra Trade Finance projects for banks across these regions in the last over a decade, as per a Wipro statement. Financial institutions are willing to update their trade platforms through end-to-end digitalization. Wipro and Encore will collaborate to enable this upgrading for financial institutions, it further said.
“We strongly believe this synergy will enable global reach, add value to all our customers and bring in new opportunities that will accelerate our growth and that of our team,” said R.K. Kanthimathinathan, founder MD and CEO, Encore Theme.