Wipro Infotech acquires 3D networks
Wipro Infotech, an arm of India’s third-largest software services exporter Wipro Ltd, on Thursday said it was acquiring 3D Networks Pte and Planet PSG, part of Malaysia-based Planet One.
The two companies had a combined turnover of $38 million last year, Suresh Vaswani, head of Wipro Ltd’s global IT service lines, said.
"Overall, acquisition is a key part of Wipro’s strategy going forward. Yes, we continue looking at strategic acquisitions which add value to the service we offer to our customers," Vaswani said.
The transaction is expected to be completed in the third quarter of the fiscal year to March 2007, a company statement said.
Wipro Infotech will acquire the companies for cash payment of about $23 million and additional performance-linked payments based on achieving financial targets over two years, the company said but did not give more details.
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