Wipro buys US digital engineering company for $45 million
TNN | Updated: Jun 6, 2019, 11:36 ISTHighlights
- ITI specialises in computer aided design (CAD) and product lifecycle management (PLM) interoperability software services
- The acquisition complements Wipro's core strengths in lndustry 4.0 and will allow the Indian IT firm to offer end-to-end solutions in digital engineering and manufacturing
(Representative image)BENGALURU: Wipro has acquired US-based International TechneGroup Inc (ITI), a digital engineering and manufacturing solutions company, for $45 million.
ITI specialises in computer aided design (CAD) and product lifecycle management (PLM) interoperability software services. Founded in 1983 and headquartered in Milford, Ohio, ITI has offices in the UK, Italy, Israel and Germany and provides software products and services to leading manufacturers across aerospace, automotive, healthcare and other segments. It counts Global Steering Systems and Imperial College, London, as customers. For the latter, its CAD team provided insights into flow physics for the college's Elemental RPI racecar.
ITI had revenue of $23.2 million in 2017-18 (year-ended June 30), compared to $22.2 million and $19.6 million in the last two preceding years.
The acquisition complements Wipro's core strengths in lndustry 4.0 and will allow the Indian IT firm to offer end-to-end solutions in digital engineering and manufacturing. ITI’s offerings and solutions will be consolidated as a part of Wipro’s industrial & engineering services business and will function as a wholly-owned US subsidiary of the company. The company has 130 employees. “As enterprises innovate and invest in ‘EngineeringNXT’, they are looking for ways to build a digital thread across design, engineering, and manufacturing,” said Harmeet Chauhan, SVP of industrial & engineering services in Wipro.
ITI specialises in computer aided design (CAD) and product lifecycle management (PLM) interoperability software services. Founded in 1983 and headquartered in Milford, Ohio, ITI has offices in the UK, Italy, Israel and Germany and provides software products and services to leading manufacturers across aerospace, automotive, healthcare and other segments. It counts Global Steering Systems and Imperial College, London, as customers. For the latter, its CAD team provided insights into flow physics for the college's Elemental RPI racecar.
Who's checking your Facebook photos? Wipro and its workers
A team of over 250 overworked techies in Hyderabad have been parsing through your Facebook photos, categorising them into five "dimensions" and trying to figure out why you posted those pictures. These contract workers have been going through the photos posted since 2014 — the first step towards an autonomous photo recognition.
ITI had revenue of $23.2 million in 2017-18 (year-ended June 30), compared to $22.2 million and $19.6 million in the last two preceding years.
The acquisition complements Wipro's core strengths in lndustry 4.0 and will allow the Indian IT firm to offer end-to-end solutions in digital engineering and manufacturing. ITI’s offerings and solutions will be consolidated as a part of Wipro’s industrial & engineering services business and will function as a wholly-owned US subsidiary of the company. The company has 130 employees. “As enterprises innovate and invest in ‘EngineeringNXT’, they are looking for ways to build a digital thread across design, engineering, and manufacturing,” said Harmeet Chauhan, SVP of industrial & engineering services in Wipro.
Wipro’s largest buyback worth $1.7 billion gets approval of Sebi
This time, the shares are expected to be bought back at Rs 320 a piece, a 17% premium to the prevailing share price of Rs 273 on the Bombay Stock Exchange. The price is 33% higher than the 6-month average share price of Rs 240. This would be Wipro’s third buyback. It did a buyback of Rs 2,500 crore worth of shares in 2016 and Rs 11,000 crore worth of shares in 2017.
Download The Times of India News App for Latest Business News.
more from times of india Business
LATEST VIDEOS
Business
Lufthansa long-haul flights to have mobile ECG systems to send reports to doctors on ground01:33- Finance ministry may retain allocations made in interim Budget01:27
- GSP: Why India is not retaliating against the US?01:45
- Builders can't forfeit homebuyer money for seeking cancellation due to delay in project: NCDRC01:28
All Comments ()+^ Back to Top
Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.
HIDE