Bangalore, India and Stuttgart, Germany - December 2, 2015:
Wipro Ltd. (NYSE:WIT), a leading global information technology, consulting and business process services company today announced that it has signed an agreement with Landesbank Baden-Wuerttemberg (LBBW) to acquire cellent AG for 73.5 Million Euros.
Cellent AG is a leading IT consulting and software services company and has been offering holistic innovative IT solutions and services to its customers in the DACH region of Germany, Austria and Switzerland for the past 14 years. cellent AG serves the DACH market region with a team of more than 800 consultants, who will now become part of 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.
"We welcome cellent to the Wipro family. Cultural synergies and locational proximity are key to building successful customer relationships. cellent is a well-established player with marquee customers, a well-known brand and has strong local talent. cellent will significantly boost our footprint in the DACH region, especially in the Manufacturing and Automotive domains," said NS Bala, Chief Executive - Manufacturing and Hi-Tech, Wipro Limited.
Dr. Peter Rohrbach, CEO, cellent AG expressed his thanks to LBBW for supporting cellent over the years and welcomed the acquisition by Wipro, and said, "cellent’s mission for continuous improvement has earned us the trust of our customers and opened up many new opportunities, which require global expertise and a wider range of IT services and solutions. By joining the Wipro family, we will be able to leverage Wipro’s vast services portfolio and its international network to meet our customers’ requirements end-to-end."
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in the quarter ended March 31, 2016.
About Wipro Ltd
Wipro Ltd. (NYSE:WIT) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology." By combining digital strategy, customer centric design, advanced analytics and product engineering approach, Wipro helps its clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, Wipro has a dedicated workforce of over 160,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.