Wipro Technologies has signed a definitive agreement to acquire an Austrian firm, NewLogic, in an all-cash deal worth approximately $56 million (euro 47 million).According to a release on the website of NewLogic, the consideration includes cash payment on closure of the transaction as well as earn outs on achieving targeted financial conditions over a three-year period. NewLogic's estimated 2005 revenues is euro 45 million."NewLogic is a semiconductor design services company with intellectual property (IP) cores for complex wireless applications like Wireless LAN and Bluetooth. Wipro gains 120 specialists through the acquisition - strengthening its ability to provide proven semiconductor IP cores and complete system-on-chip (SoC) solutions with digital, analog mixed signal and RF design services. The acquisition also provides Wipro with access to 25 patent filings and over 20 customers in the product engineering domain. The customers include Agere, Infineon and Philips," the release said.According to a release issued by Wipro to the BSE today, Hans-Peter Metzler, CEO of NewLogic, will head the new business unit, and focus on addressing the growing customer needs for innovative SoC solutions.Sudip Nandy, chief strategy officer of Wipro, said: "The acquisition is a significant milestone in our strategy towards creating a strong footprint in Europe and enhancing our local delivery capability. We see immediate and considerable value from the NewLogic team through their potential patent portfolio, client base, and complementary skill-sets."
