Wipro to acquire US-based Rizing Holdings for Rs 4,135 cr
New Delhi, April 26
IT firm Wipro will acquire 100% stake in Rizing Intermediate Holdings for about $540 million (around Rs 4,135 crore) in an all-cash deal to scale up its 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 adviser for clients’ most complex SAP transformations,” Wipro said.
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 complementary 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 CEO and MD Thierry Delaporte said.
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 CEO Mike Maolo said. — PTI
All-cash transaction
- The IT major will acquire 100% stake in Rizing Intermediate Holdings in an all-cash deal to scale up its SAP consulting capabilities
- 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
