Wipro Acquires US-Based AVT for USD 40 Mn to Boost Application Services The move aims to bolster Wipro's application services capabilities, paving the way for new growth opportunities.
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IT services provider Wipro announced its acquisition of US-based Applied Value Technologies (AVT) for an enterprise value of USD 40 million.
The move aims to bolster Wipro's application services capabilities, paving the way for new growth opportunities.
Founded in 2021, AVT specialises in enterprise application development and support services. The company reported revenues of USD 19.4 million in 2023.
Wipro's purchase includes deferred earnout considerations tied to performance metrics, with the transaction expected to conclude by December 31, 2024.
This acquisition continues Wipro's streak of strategic investments. Earlier this year, Wipro acquired a 27% stake in SDVerse, an automotive software marketplace platform, for USD 5.85 million and a 60% stake in Aggne Global, a US-based insurance technology company, for USD 66 million.
In 2021, Wipro made headlines with its USD 1.45 billion acquisition of Capco, a global management and technology consultancy, significantly expanding its presence across 30 locations and adding over 5,000 consultants.
Wipro's proactive acquisition strategy underscores its focus on strengthening domain expertise and expanding its global footprint. The AVT deal aligns with this vision, enabling Wipro to better serve its clients with enhanced application development services.
