Wipro is set to acquire International TechneGroup Incorporated (ITI), a digital engineering and manufacturing solutions company, for $45 million or Rs 312 crore.
ITI, founded in 1983 and headquartered in Milford, Ohio, USA, has offices in the United Kingdom, Italy, Israel and Germany and provides software products and services to leading manufacturers across aerospace, automotive, healthcare and other segments.
ITI is a provider of Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services. ITI provides the building blocks for Industry 4.0, to help build digital enterprises through its solutions for Model Based Enterprise (MBE), data interoperability and data migration.
ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial & Engineering Services business and will function as a wholly-owned US subsidiary.
“This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing,” said Harmeet Chauhan, senior vice-president, Industrial & Engineering Services at Wipro.
The acquisition is expected to close in the quarter ending September 30, 2019.
Tom Gregory, CEO of International TechneGroup, said: “Clients will gain access to Wipro’s services and ITI’s innovative solutions to accelerate the adoption of digital manufacturing initiatives.”