Software major Wipro on Wednesday announced acquisition of leading German IT consulting and software services firm Cellent AG for Euro 73.5 million (Rs.518 crore).
"We have signed an agreement with Landesban Baden-Wuerttemberg to acquire Cellent AG for Euro 73.5-million," the IT bellwether said in a statement here.
Post-acquisition, the 14-year-old Fellbach-based Cellent's 800 consultants will become part of Wipro.
Cellent has been offering IT solutions and services to its customers in the Dach region of Germany, Austria and Switzerland since 2001.
"As the Dach market is a strategic growth and investment region for us, acquiring Cellent will give us scale and prime customer relationships in the manufacturing and automotive domains, which are key sectors in the region," Wipro chief executive for manufacturing N.S. Bala said on the occasion.
The outsourcing major hopes to complete the acquisition process by March 31, 2016 after getting regulatory approvals.
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"As Cellent is an established player with marquee customers, reputed brand and strong local talent, it will extend our footprint in the Dach region, especially in manufacturing and automotive domains," Bala added.
Cellent chief executive Peter Rohrbach said his firm would leverage Wipro's wide services portfolio and international network to meet its customers' needs end-to-end.
"Our mission for improvement has earned us trust of our customers and opened up new opportunities, which require global expertise and a range of IT services and solutions," Rohrbach averred.