Wipro All Set To Acquire Value Technologies for $40 Mn

According to a regulatory filing, Wipro Ltd., an IT firm, has agreed to acquire 100% of US-headquartered Applied Value Technologies for up to $40 million.

In a statement to the stock exchanges, Wipro said that AVT will strengthen its application services and create new growth opportunities. The all-cash deal is expected to close by December 31.

About Applied Value Technologies

US-based Applied Value Technologies (AVT) and its subsidiaries, founded in 2021, offer enterprise application development and support services. They reported a revenue of $19.4 million in 2023. According to the filing, their revenue grew from $0.8 million in 2021 to $8.7 million in 2022, and then to $19.4 million in 2023.

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Wipro has been actively acquiring companies in 2024. Earlier this year, it bought a 27% stake in SDVerse, an automotive software platform with General Motors and Magna, for $5.85 million. It then acquired 60% of US-based insurtech company Aggne Global for $66 million.

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