Wipro on Wednesday announced it agreed to acquire Encore Theme Technologies, a specialist in providing SaaS and Cloud solutions in financial services, for Rs 95 crore.
Encore Theme – headquartered in Chennai, India – has focused on implementing a broad suite of Trade Finance solutions, developed by Finastra, one of the world’s largest fintechs, to financial institutions across the Middle East, Africa, India and Asia Pacific.
They have successfully delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions. RK Kanthimathinathan is the founder and CEO of Encore Theme Technologies.
Financial institutions are looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial routines.
Trade Finance is a strong revenue generation stream with a high cost base structure, where technology will play a big part in driving future growth. Wipro, a partner of Finastra, and Encore Theme will together enable this modernization for financial institutions.
Angan Guha, Senior Vice President and Global Head, Banking, Financial Services & Insurance, Wipro Limited said, “Encore Theme bring a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations.”