Thu, Oct. 20, 12:40 PM
- Appirio, founded in 2006, counts 1K+ employees globally and partners ranging from Stryker, Coca-Cola and Home Depot to Facebook, eBay and Sony PlayStation.
- Wipro (WIT -1.6%): "In an increasingly digital world, as consumer behaviors and expectations continue to be reshaped by experiences, companies are recognizing that they need to transform how they engage with customers and employees by leveraging the power of Cloud. Appirio and Wipro are coming together to unlock transformational synergies in the applications space and help enterprises create new business models."
Appirio: "When you combine Wipro’s global scale and deep digital focus with Appirio’s transformative worker and customer experience expertise, and best in class team, brand, and partners, you create a formidable force in the industry. Together, our aim is to dominate the market and claim the top spots in industry Net Promoter Score, market share, and best places to work."
- Existing involvements with Salesforce and Workday will continue under the Appirio brand and structure.
- Appirio PR, blog post
- Wipro + Appirio
Thu, Feb. 11, 9:33 AM
- Wipro (WIT -2.8%) is buying HealthPlan Services, a provider of BPO and Web-based exchange services for the U.S. health insurance industry, for $460M in cash. The deal is expected to close in the next 60-90 days.
- Wipro: "In the highly competitive Exchange market, payers rely on HealthPlan Services innovative and robust offering to acquire, service and retain members. Payers also leverage the analytical and predictive engines of HealthPlan Services to better serve their members. Today, HealthPlan Services connects its payer clients to over 40 public exchanges and over 150 private exchanges in the U.S."
- The company also suggests the Affordable Care Act (i.e. Obamacare) is contributing to HealthPlan's growth, declares HealthPlan provides "synergies with Wipro's presence in the Managed Medicare and Commercial Group Insurance markets," and calls the purchase "closely aligned with Wipros key levers for growth, which are to dominate the services market through industry utilities that multiple customers can use."
- The deal follows one to buy German IT services firm cellent AG for $78M. Rival Cognizant bought healthcare IT firm TriZetto for $2.7B in 2014. Wipro is lower on a morning the Nasdaq is down 1.2% and the S&P 1.1%.
- Update: Likely weighing on Wipro: Morgan Stanley has downgraded to Equal Weight.
Dec. 2, 2015, 10:38 AM
- Wipro (WIT -1%) is buying cellent AG, a German IT consulting and software outsourcing services firm servicing the DACH region (Germany, Austria, and Switzerland), for €73.5M ($77.9M). The deal is expected to close in the March quarter.
- Cellent has 800+ consultants on its payroll. Wipro: "The DACH market is a strategic growth and investment region for Wipro. This acquisition will provide Wipro with significant scale and prime customer relationships, especially in the Manufacturing and Automotive domains, which are key industry sectors in the DACH region."
- Earlier this year, Wipro was reported to be in talks to buy U.K. outsourcing services firm Equiniti for close to £1B, but not deal was announced.
Jun. 15, 2015, 1:08 PM
- India's Economic Times reports Wipro (WIT +0.9%) is in talks to buy U.K. outsourcing services firm Equiniti, and that the latter is "seeking a valuation of close to £1 billion ($1.55 billion)." Sky News has also reported of deal talks.
- The Economic Times notes Equiniti possesses blue-chip U.K. clients, and that acquiring it would significantly increase Wipro's BPO services ops, which accounted for ~10% of its FY14-15 (ended in March) revenue.
- A management overhaul may have left Wipro more willing to make a big acquisition: This year has seen Wipro get a new CFO and appoint a COO.
Jul. 17, 2014, 7:11 PM
- Wipro (NYSE:WIT) has signed Master Services Agreements with Canadian business services firm ATCO to provide a "complete suite of IT [outsourcing] services" to ATCO's Canadian and Australian ops.
- As part of the deal, Wipro is buying ATCO's I-Tek IT services unit for C$210M ($195M) in cash.
- Wipro expects the deal is expected to be produce revenue of more than C$120M ($112M) annually over the next 10 years, up to Dec. 2024. It comes ahead of the company's July 24 FQ1 report.
Dec. 2, 2013, 10:18 AM
- Wipro (WIT +0.3%) is acquiring Opus CMC, a provider of services for analyzing and managing mortgage-related risk, for $75M. The deal is expected to close in calendar Q1 2014. (PR)
- Opus has over 490 employees (inc. 315+ loan underwriters), and has a client base that includes "several of the top global banks, mortgage conduits, mortgage investors, and independent mortgage originators." The company's services cover both residential and commercial mortgage products, and both individual loans and securitized mortgage pools.
- Wipro states the deal will help it "expand in the high end Mortgage BPO segment," and complement its existing (IT-focused) Mortgage Solutions business.
- Rival Accenture has also shown an interest in using M&A to expand its mortgage service offerings.