Wipro Limited on Wednesday announced that it has signed a definitive agreement to acquire Encore Theme Technologies Private Limited, a specialist in providing SaaS and Cloud solutions in financial services, for a purchase consideration of ₹95 crore, as per a regulatory filing of the company on Wednesday.
Encore Theme — headquartered in Chennai — has focussed on implementing a broad suite of trade finance solutions, developed by Finastra, to financial institutions across the Middle East, Africa, India and Asia Pacific. The company so far has successfully delivered more than 75 large-scale Finastra Trade Finance projects for banks across these regions.
The acquisition is subject to closing conditions and is expected to close in the quarter ending December 31, 2020. Wipro, a global strategic partner of Finastra, and Encore Theme will together enable modernisation for financial institutions.
Angan Guha, Senior Vice-President and Global Head, Banking, Financial Services & Insurance, Wipro, said: “We are excited to have the team at Encore Theme join us. They bring a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro’s reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions.”
“Our customers and our team are our core strengths. We strongly believe this synergy will enable global reach, add value to all our customers and bring in new opportunities that will accelerate our growth and that of our team. The decision to join Wipro was driven by their core values of trust and respect to people and unyielding integrity in everything they do,” said RK Kanthimathinathan, Founder MD & CEO, Encore Theme.
Denise Parker, Senior V-P, Partners and Ecosystem at Finastra, added: “On completion, this move will combine Wipro’s global managed services capabilities with Encore Theme’s deep domain trade and cash management expertise. It will drive value for customers via Finastra’s software, like Fusion Trade Innovation, which is amongst the world’s leading trade finance products, enabling banks to drive efficiencies and to reduce cost.”