Wipro rose 1.40% to Rs 420 after the IT major announced that it has signed an agreement to acquire Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services.
Incorporated in 2018, Ampion is a provider of cyber security, DevOps and quality engineering services in Australia. The company's business was formed through merger of IT services providers 'Revolution IT' and 'Shelde'in 2019. Revolution It was a IT services company in Australia founded in 2004 and Shelde was a digital IT security company founded in 2010 in Australia. Merged entity Ampion is headquartered in Melbourne with other offices in Sydney, Canberra and Brisbane in Australia and has local team of more than 500 consulting and technology specialists. Annual revenues run rate of Ampion for the year ending 30 June 2020 was $85.5 million, of which about 12% related to products sale.The entire divestment transaction will take place for a total cash consideration of $117 million. The deal is expected to be completed during the quarter ending 30 June 2021, subject to requisite regulatory approvals and customary closing conditions.
Wipro's new operating model emphasizes strategic investments in focus geographies, proximity to customers, agility, scale and localization. The acquisition of Ampion is an important step for Wipro in this direction, and reinstates the commitment towards clients and stakeholders in Australia and New Zealand (ANZ). Further, Wipro and Ampion's combined offerings, powered by engineering transformation, DevOps and security consulting services will bring scale and market agility to respond to the growing demands of customers, the company said in a statement.
Wipro is a global information technology, consulting and business process services company. The IT major reported 20.37% rise in consolidated net profit to Rs 2,968 crore on a 3.68% increase in revenue to Rs 15,670 crore in Q3 December 2020 over Q2 September 2020.
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