DBT Bureau
Bengaluru, 17 December 2024
IT services firm, Wipro has said that it would acquire 100% shareholding in US-based Applied Value Technologies Inc, and its affiliates Applied Value Technologies Pte Ltd and Applied Value Technologies BV.
The deal value of this acquisition is pegged at $40 million, according to an exchange filing by the Bengaluru-headquartered firm. The deal involves a cash purchase consideration, with a deferred earnout contingent on the achievement of certain performance metrics.
The acquisition is likely to be completed by December 31, 2024, the company said.
“It is hereby informed that Wipro (through its subsidiaries) has signed a definitive agreement to acquire 100% shareholding in Applied Value Technologies, Inc., Applied Value Technologies B.V. and Applied Value Technologies Pte Limited on December 16, 2024,” the regulatory filing said.
Applied Value Technologies, which was founded in 2021, has operations in the USA, Singapore and the Netherlands. It specialises in enterprise application development and support services. The company’s consolidated revenue stood at $19.4 million in 2023.
“Applied Value Technologies helps enterprises transform IT operations through a highly customised and data-driven approach. AVT will augment Wipro’s existing application services capabilities, helping drive new growth opportunities,” the company said.
Wipro’s share price was trading marginally down at Rs 308.30 at early morning trade in NSE on Tuesday.