INDIA BUSINESS WORLD - MAY 2006
THE MONTH THAT WAS...

WIPRO TECH BUYS US CO FOR RS 46 CR

   Continuing with its strategy of acquisitions and expanding its range of offerings, Wipro Technologies, the IT services division of Wipro, has acquired US-based Quantech Global Services in an all-cash deal.

The size of the deal was, however, not revealed. But Wipro is likely to pay around $10.2 million (Rs 46 crore) as upfront cash payment. The transaction has also been structured, based on the earnouts on achieving the agreed financial targets over a three-year period.

Quantech, which provides computer-aided design and engineering services, began operations in 1990. It reported revenues of $12.7 million (Rs 57 crore) in 2005. It has centres in the US and two in India at Hyderabad and Bangalore with an employee strength of 500.