(Bloomberg) — Wipro Ltd. agreed to acquire SAP consulting firm Rizing Intermediate Holdings for $540 million to expand its capabilities in the field, the Indian software services company said in a filing with exchanges.
Stamford, Connecticut-headquartered Rizing, previously owned by private equity firm One Equity Partners, is the latest in a series of acquisitions by Bangalore-based Wipro. Rizing will add to Wipro’s SAP cloud practice and will help expand its “leadership in oil & gas, utilities, manufacturing and consumer industries,” the company said in the statement.
The deal is expected to close before June 30. Rizing will operate as a unit of Wipro, and its Chief Executive Officer Mike Maiolo will continue to head the firm. The company has over 1,300 employees in 16 countries across North America, Europe, Asia and Australia. Wipro operates in six continents and has an employee count of over 220,000 people.
Guggenheim Securities LLC acted as financial adviser to Rizing for the transaction.
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