IT company
Wipro will acquire a 100% stake in
Rizing Intermediate Holdings for about $540 million (around Rs 4,135 crore) in an all-cash deal to scale up its systems, applications & products (
SAP) consulting capabilities, the company said on Tuesday. US-based Rizing is the latest in a series of acquisitions by Wipro, underscoring the company's ambitious growth agenda.
"Rizing's high-touch approach, along with its industry expertise and
SAP consulting capabilities in enterprise asset management, consumer industries, and human experience management, will be instrumental in advancing Wipro's position as a sought-after advisor for clients' most complex SAP transformations," Wipro said in a statement.
The deal will require anti-trust approvals under the competition laws of the US, Germany, and Canada. The transaction is expected to be completed before the quarter ending June 30, 2022.
"Rizing's complimentary consulting capabilities and strong client relationships will significantly boost our existing offering, creating one of the most differentiated SAP services in the marketplace.
"Together, we will be able to expand our presence in high-growth industry sectors," Wipro Limited, chief executive officer and managing director
Thierry Delaporte said in a statement.
Upon completion of the acquisition, Rizing will operate as 'Rizing, a Wipro company', under the leadership of
Mike Maiolo.
"With Wipro's backing, we will be able to enhance the value we deliver to our current clients and bring our differentiated offering to a broader universe of businesses. Combining the two firms will allow us to scale our services and expand our footprint in the market," Rizing chief executive officer (CEO) Mike Maolo said.
Rizing is headquartered in Stamford, Connecticut, and has more than 1,300 employees in 16 countries across North America, Europe, Asia, and Australia. Rizing was previously owned by private equity firm One Equity Partners.
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