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Wipro Hits a Nerve
Indian IT outsourcer Wipro-- mentioned in our last M&A Roundup as a BPO player to watch -- announced this week its purchase of Boston-based financial services IT consulting firm NerveWire for about $19 million.
With 90 consultants and 40 clients, among them Cisco, Comerica Bank, and Tivoli, NerveWire will provide an East Coast-based front end for WiProís growing IT consultancy.
The acquisition is one of a number of recent Wipro transactions, AMS and GE's Medical Systems IT Department to name a few. Rising from humble beginnings as a maker of soaps and oils, Wipro has grown an average of 23% per year since 1998 in the face of a declining market.
Now, the company counts among its clients Compaq, Home Depot, Nokia, and Lehman Brothers, which it recently landed for about $75M in new revenue. The company currrenlty boasts a market cap of $7 billion.
We expect to be reading more about Wipro's strategy, which calls for strong operational synergy with its acquisiton targets, in the months ahead.
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