Wipro has signed a definitive agreement to acquire Chennai-based Encore Theme Technologies Private Limited (Encore Theme), a specialist in providing SaaS and Cloud solutions for financial services, for a purchase consideration of ₹95 crore, as per company’s regulatory filing on Wednesday.
The cash deal is expected to be completed during the quarter ending December 31, 2020.
Encore Theme focuses on implementing a suite of trade finance solutions, developed by Finastra, one of the world’s largest fintechs, to financial institutions across the West Asia, Africa, India and Asia Pacific. The company has delivered 75 large-scale Finastra Trade Finance projects for banks across these regions in the last over a decade, as per a Wipro statement.
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Financial institutions are looking to modernise their trade platforms through end-to-end digitalization. Wipro, a global strategic partner of Finastra, and Encore Theme will together enable this modernization for financial institutions, it further said.
“We strongly believe this synergy will enable global reach, add value to all our customers and bring in new opportunities that will accelerate our growth and that of our team,” said R.K. Kanthimathinathan, founder MD and CEO, Encore Theme.