pennews
www.pennews.net
Wipro to acquire International TechneGroup Incorporated (ITI)
Economy

Wipro to acquire International TechneGroup Incorporated (ITI)

Agency News

Bengaluru, June 5: Leading IT firm Wipro Limited a today announced it had signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company.
Milford headquartered ITI is a world leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services.
Under the agreement, ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial & Engineering Services business and will function as a wholly-owned US subsidiary of the company. Wipro’s Industrial & Engineering Services provides customers with a platform to innovate and engineer the next generation of products and platforms at scale, using an approach termed as ’EngineeringNXT’.
“ This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing. We are pleased to welcome ITI’s employees and are confident that their unique offerings and solutions will add value to our organization,” said Harmeet Chauhan, Senior Vice President, Industrial & Engineering Services, Wipro Limited.
“Our customers and employees will benefit from the synergies of ITI and Wipro’s combined portfolio of offerings,” said Tom Gregory, CEO, International TechneGroup Incorporated.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, 2019, according to a statement by Wipro here on Wednesday.
UNI