Wipro on Wednesday announced that it has signed an agreement with Landesbank Baden-Wuerttemberg (LBBW) to acquire cellent AG for 73.5 Million Euros.
Cellent AG is a leading IT consulting and software services company and has been offering holistic innovative IT solutions and services to its customers in the DACH region of Germany, Austria and Switzerland for the past 14 years. Cellent AG serves the DACH market region with a team of more than 800 consultants, who will now become part of Wipro.
The DACH market is a strategic growth and investment region for Wipro. This acquisition will provide Wipro with significant scale and prime customer relationships, especially in the Manufacturing and Automotive domains, which are key industry sectors in the DACH region, the company said in the press release.
"We welcome cellent to the Wipro family. Cultural synergies and locational proximity are key to building successful customer relationships. cellent is a well-established player with marquee customers, a well-known brand and has strong local talent. cellent will significantly boost our footprint in the DACH region, especially in the Manufacturing and Automotive domains," said NS Bala, Chief Executive - Manufacturing and Hi-Tech, Wipro Limited.
Dr. Peter Rohrbach, CEO, cellent AG expressed his thanks to LBBW for supporting cellent over the years and welcomed the acquisition by Wipro, and said, "cellent's mission for continuous improvement has earned us the trust of our customers and opened up many new opportunities, which require global expertise and a wider range of IT services and solutions."
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in the quarter ended March 31, 2016.