Wipro to acquire LeanSwift Solutions for $21 million

Wipro will get 100% stake in LeanSwift in a full cash transaction worth $21 million, expected to be completed before March 31, 2022, the company mentioned in its stock exchange filings.

wipro
Following the announcement, Wipro’s shares went up by over 1.5% to 646.5 on NSE from 636.4 since the day opening.


Bengaluru-based IT major Wipro has announced that it has signed an agreement to acquire LeanSwift Solutions, a US-based system integrator of Infor Products with capabilities in ERP, e-commerce, digital transformation, supply chain, warehouse-management systems, business intelligence and integrations. Wipro will get 100% stake in LeanSwift in a full cash transaction worth $21 million, expected to be completed before March 31, 2022, the company mentioned in its stock exchange filings.

Following the announcement, Wipro’s shares went up by over 1.5% to 646.5 on NSE from636.4 since the day opening.

LeanSwift has development offices across the US, Sweden and India and its strong portfolio of clients span multiple industries, including manufacturing, distribution, chemicals, fashion, and food & beverages. Founded in 2011, the company has had a revenue of $18 million for the year ending December 31, 2020, preceded by $11.1 million in 2019 and $11.2 million in 2018.

Its core business is providing consulting, business solutions and technical services to customers in the Infor space. According to Wipro, the acquisition is part of its strategy to invest and expand its cloud transformation business through Wipro FullStride Cloud Services. LeanSwift, through its capabilities in both the consulting and implementation space, will complement Wipro’s Infor cloud practice.“This acquisition will establish a strong, industry-focused Infor Practice that will help us win large deals in the Cloud ERP space,” said Harish Dwarkanhalli, president, applications & data, iDEAS, Wipro, talking about the acquisition.
Anise Madh, chief executive officer, LeanSwift, commented, “We have built value-added products and carved a niche for ourselves in the industry as an Infor services specialist. Our complementary capabilities and shared vision will drive change in the industries that we serve, find new growth opportunities for our employees, and help our clients realise value.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.