IT service giant Wipro on Wednesday signed an agreement to acquire InfoSERVER SA, an IT service provider focussed on the Brazilian market for USD 8.7 million.
InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro in expanding its presence in the country's highly traditional and competitive banking, financial services and insurance market besides adding invaluable domain and process knowledge on the sector, it said in a statement here.
"The LATAM market and Brazil in particular is a strategic growth and investment region for Wipro. This acquisition will provide Wipro with scale and key client relationships, especially in the banking, financial services and insurance domains, which are the largest and fastest growing sectors in the region," Ankur Prakash, Vice President and Head of New Growth and Emerging Markets, Wipro said.
This acquisition closely aligns with Wipro's vision to localise, expand its presence and become a significant partner of choice in the Latin American market and an end-to-end IT services provider that brings global expertise while operating as a local company.
Wipro has a significant presence in Latin America with offices across five countries in the region. The acquisition is subject to customary closing conditions and approvals by regulatory bodies in Brazil.