Indian IT services firm Wipro Technologies has reached a deal to acquire its Brazilian rival IVIA Serviços de Informática.
Bangalore, India-based IT provider has not disclosed financial details of the deal, but Indian newspapers have put the price tag at US$22 million.
Founded in 1996, IVIA provides consulting and other IT services to clients in a range of sectors, including financial services, transportation, retail, and healthcare.
Wipro is not new to Brazil, where it is already running three delivery centers in Sao Paulo and Curitiba. Last year, it won a deal to develop an online information platform for Brazilian Bankers’ Federation.
This is Wipro’s second acquisition in Brazil after its 2017 purchase of Infoserver. This latest acquisition will expand the company’s footprints to areas where it has little or no presence, because IVIA’s offices are spread across northeast Brazil, in cities such as Fortaleza, Natal, and Recife.
IVIA has employed around 700 people, with all of them expected to join Wipro upon closure of the deal.
“We welcome employees of IVIA to the Wipro family. They bring with them unique strengths and experience that will be of immense benefit to us,” stated Mukund Seetharaman, Wipro’s chief in Latin America, adding that the Indian company will carry out more ‘strategic’ investments of this kind in the region.
Wipro set its foot in Brazil in 2006 following its acquisition of Portugal-based consulting firm Enabler. As of September last year, more than 1,400 Brazilians worked for the IT provider.
Elsewhere in Latin America, Wipro has considerable presence in Mexico, Chile, Argentina, and Colombia.