Nordic Business Report-June 9, 2006-Saraware Oy acquired by Wipro Technologies
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Wipro Technologies, the global IT services unit of Wipro Limited (NYSE:WIT), reported on Thursday (8 June) that it has signed an agreement to acquire Finland-based company Saraware Oy, a provider of design and engineering services to telecomms companies.
The acquisition is valued at EUR25m, which includes upfront cash payment and debt takeover. In addition there are earn-outs on achieving targeted financial conditions over an 18-month period.
According to Wipro the acquisition adds expert domain competencies in the areas of Radio Networks and Secure Mobile platforms. Saraware has nearly 200 specialists in these domains based out of Finland.
The acquisition, subject to customary closing conditions and regulatory approvals, is expected to be completed during the next month.
One euro (EUR) is worth approximately 0.69 British pounds (GBP).
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