Wipro announces to acquire Eximius Design for nearly ₹586.3 crore
Wipro has announced that it will acquire engineering services company Eximius Design for $80 million (about ₹586.3 crore). In a regulatory filing, Wipro said the purchase consideration is $80 million.
This acquisition will help Wipro to expand into newer market segments and elevate the customer's journey in next-generation technologies such as connected products, embedded AI and security, it said. Eximius Design has around 1,100 employees and had registered consolidated revenues of $35.2 million in 2019.
It provides end-to-end solutions and services for building smarter, smaller and faster-connected products for various use cases of IoT, Industry 4.0, Edge Computing, Cloud, 5G and Artificial Intelligence. Their clientele include companies across semiconductors, cloud and hyper-scale infrastructure, consumer electronics and automotive segments.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending December 31, 2020.
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