Wipro completes acquisition of 83.4% stake in Encore Theme

IT services major Wipro on Wednesday said it has completed the acquisition of 83.4 per cent equity stake in Chennai-based Encore Theme Technologies.

In October, Wipro announced signing a definitive agreement to acquire Encore Theme, a specialist in providing SaaS and Cloud solutions in financial services, for up to Rs 95 crore.

"... the company has completed the acquisition of 83.4 per cent equity stake in Encore Theme. The remaining 16.6 per cent equity stake will be acquired subject to and after receipt of certain regulatory approvals/ confirmations," Wipro said in a regulatory filing on Wednesday.

Encore Theme has focused exclusively on implementing a broad suite of trade finance solutions -- developed by Finastra -- to financial institutions across the Middle East, Africa, India and Asia Pacific. It has delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions.

Wipro, in October, said the acquisition will help strengthen its position as a dominant player across the globe implementing Finastra solutions.