Indian IT company Wipro intends to buy U.S. ITI for $45 million

Wipro, an Indian information technology (IT) company, revealed that the company intends to buy U.S. digital engineering and manufacturing solutions company International TechneGroup Inc. (ITI) for $45 million.

Wipro noted that the acquisition of TechneGroup will add value to its core services in industry 4.0 and will allow the company to offer end-to-end solutions in digital engineering and manufacturing.

The move is anticipated to close in the quarter ending September 30, subject to customary closing conditions and regulatory approvals. More so, in the fiscal year 2018, ITI's revenue stood at $23.2 million.

On completion of the transaction, ITI’s offerings and solutions will be consolidated as a part of Wipro’s industrial and engineering services division and will operate as its wholly-owned U.S. subsidiary.