Wipro Acquires Cloud Solutions Specialist Encore Theme Technologies
Global IT solutions provider Wipro has acquired Encore Theme Technologies, a SaaS and cloud solutions specialist that focuses on the financial services sector. Terms of the deal were not disclosed.
This is M&A deal 441 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
Founded in 2006, Encore Theme offers a broad suite of trade finance solutions technology developed by Finastra, one of the world’s biggest fintech companies. Headquartered in Chennai, India, Encore Theme works with financial institutions across the Middle East, Africa, India and Asia Pacific regions. The company has successfully delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions, according to Wipro.
This acquisition comes at a time when financial institutions are looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial routines. As Wipro sees it, trade finance is a strong revenue generation stream with a high-cost base structure, where technology will play a big part in driving future growth.
Wipro Buys Encore Theme: Strengthening Positions
Angan Guha, senior vice president and global head, Banking, Financial Services & Insurance, Wipro Limited 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.”
R.K. Kanthimathinathan, founder, managing director and CEO, Encore Theme, added:
“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.”
Denise Parker, SVP, partners and ecosystem at Finastra, concluded:
“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.”
Wipro’s Acquisition Strategy
This is at least Wipro’s fourth acquisition of 2020. The company’s previous acquisition happened earlier in October 2020 when it bought engineering services company Eximius Design for an undisclosed amount.
In July 2020, the company completed a pair of acquisitions, buying Salesforce cloud partner 4C of Mechelen, Belgium, and Brazilian vertical market technology consulting firm IVIA Serviços.
Based in India, Wipro’s business has evolved over time to support cloud, cybersecurity and managed services opportunities. The company has emerged as a Top 10 ServiceNow partner for IT service management (ITSM) solutions.
Wipro’s Salesforce business grew in 2016 when it purchased Appirio for $500 million. Salesforce consulting partners around the world continue to be active on the M&A front.