RSSWipro makes another buy-out within a week – mPower
The ink had barely dried on Monday's $56 million purchase of Austria-based NewLogic, when on Thursday it acquired New Jersey-based mPower for an all-cash payout of $28 million.
mPower, a company focused on payment space, owns a development center in Chennai and boasts total annual revenue of around $18 million. Through this acquisition, Wipro adds on a 300-member-strong team and domain expertise in the payment space, which will enable it to expand its market in the financial solutions business. "As a part of this agreement, Wipro will provide MasterCard and other clients in the payment space with a wide range of services that could include Application Development and Maintenance, Infrastructure Services, Package Implementation, BPO and Testing," adds a company press release.
Ashish Thadhani, an analyst with Gilford Securities said: "From an operational standpoint, this will expand Wipro's domain expertise in the financial services vertical, which is growing at 50 percent year-over-year in eight of the last nine quarters."
Prashanth RaiTag(s):Wipro, M&A, IT+Services
