Wipro acquires Quantech Global
Wipro Ltd on Monday said it has signed a definitive agreement to acquire US-based Quantech Global Services LLC.india Updated: May 17, 2006 12:05 IST
Wipro Ltd on Monday said that it has signed a definitive agreement to acquire US-based Quantech Global Services LLC and its Indian arm in an all cash deal.
Wipro would gain over 500 domain specialists through this acquisition, thereby strengthening its ability to provide proven competence in mechanical engineering design and analysis services, the company informed the Bombay Stock Exchange.
The consideration includes upfront cash payment on closure of the transaction and earn-outs on achieving agreed financial targets over a three-year period, it said. The company did not disclose the financial details of the deal.
The entire transaction is expected to be closed during the next one month.
"Quantech's key strength in Mechanical Design services complements Wipro's core strength of Embedded Software and System Design capabilities and helps us strengthen our position as an Original Design Engineering (ODE) solutions provider. This acquisition strengthens our offering and enables us to be a more strategic partner to our customers," Wipro COO AL Rao said.
Quantech Global LLC designs for companies in the automotive, aerospace, consumer goods and heavy engineering industries.