Wipro acquires Oz-based Promax for $37 million
In continuation of a string of pearls acquisition strategy, Wipro has said the Promax acquisition would help them growing their presence in the analytics segment, which has been identified as a key growth area for the company. Since 1993, Wipro has carried out 30 acquisitions, excluding this one.
The acquisition is expected to be completed in this quarter and the new entity will be called Wipro Promax Analytics Solutions.
Avendus Capital acted as the exclusive financial advisor to Wipro on this transaction. Wipro's share price on the BSE closed at R405.10 down 0.32% on Monday, with the company announcing the acquisition after the close of market hours.
Wipro's chief strategy officer Rishad Premji said the company's acquisitions are driven by strategic needs than any price point. "We will be looking at more acquisitions in France and Germany," he added.
“The acquisition of Promax Applications Group will strengthen Wipro’s positioning and capability in management, analytics & optimization of trade promotions," said K R Sanjiv, senior vice president and global head, analytics and information management, Wipro.
As per industry estimates, consumer-focused companies spend 12 to 25% of their gross annual sales on trade promotions. Organisations are increasingly leveraging analytics to enhance effectiveness and maximize the return on investment (ROI) of their spend on trade promotions.
Promax Applications Group CEO Don Nicol said,
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