Wipro Limited has announced a definitive agreement to acquire Applied Value Technologies, Inc., along with its affiliates Applied Value Technologies B.V. and Applied Value Technologies Pte Ltd. The acquisition, valued at up to $40 million, is expected to close by December 31, 2024, subject to customary closing conditions.
The acquisition is intended to enhance Wipro’s application services capabilities by integrating Applied Value Technologies’ expertise in enterprise application development and support services. This move is aimed at addressing the demand for customised IT solutions and creating opportunities for growth in Wipro’s enterprise transformation offerings.
Transaction Details
- The total consideration for the transaction is up to $40 million, including deferred payments tied to performance metrics.
- The acquisition involves a 100% shareholding purchase in cash.
- Applied Value Technologies reported consolidated revenues of $0.8 million in 2021, $8.7 million in 2022, and $19.4 million in 2023.
Applied Value Technologies was founded in 2021 (2022 for its Dutch affiliate) and operates in the United States, Singapore, and the Netherlands. It is part of the Applied Value Group and provides enterprise application services to global clients.
Wipro expects this acquisition to support its focus on delivering scalable IT solutions and expanding its operations in key markets.
