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Wipro Limited (WIT)

  • 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.
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  • 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.
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Company Description
Wipro Ltd is an IT services company. Its IT Services businesses provide IT & IT-enabled services which include IT consulting, custom application design, development, re-engineering & maintenance, systems integration, package implementation, & others.