Wipro to buy NerveWire for $18.7 mn

Wipro has entered into a definitive agreement to acquire NerveWire, a Newton, Massachusetts based business and IT consulting company serving financial services clients, for approximately $18.7 million in cash, subject to adjustments.

Wipro expects the transaction to be completed in the quarter ending June 2003, according to a release issued by the company to the Bombay Stock Exchange on Thursday.

NerveWire brings to Wipro more than 40 client relationships with over 20 active engagements, the release said.

Girish Paranjpe, president, financial services, Wipro Technologies said, "In the last 12 months we have built momentum in our financial services business through marquee client wins and demonstrated execution excellence."

"The team of 90 plus consultants from NerveWire bring in deep domain knowledge and strong customer relationships. We believe this acquisition will be a strong catalyst for growth by creating better customer value," he added.

The closing of the transaction is subject to customary closing conditions and regulatory approvals.

Deloitte & Touche Corporate Finance is acting as exclusive financial advisor to Wipro for this transaction, the release said.