Information technology company Wipro announced today it has agreed to acquire Brazil-based InfoSERVER for $8.7 million. In the press release, India-based Wipro noted that it sees Brazil as a strategic “growth and investment region.”
Today’s deal marks the company’s 11th acquisition. Wipro expects that IT services provider InfoSERVER will help it “[expand] its presence in the country’s highly traditional and competitive banking, financial services and insurance market” as well as add “invaluable domain and process knowledge on the sector.” Wipro’s presence in Latin America already spans Argentina, Brazil, Chile, Colombia, and Mexico. The company is hoping today’s partnership will help it expand in the LATAM market. InfoSERVER has been working with Brazilian banks for 20 years and counts some of the largest banks in Brazil as its clients.
InfoSERVER’s VP and head of sales, Fabiano Funari, said that he is excited about the deal. Funari anticipates that Wipro’s “global client base, delivery expertise and scale” will help the company expand its global reach as well as the breadth of its offerings.
Founded in 1945, Wipro went public in 2000. Wipro demoed at FinovateEurope 2015 where it debuted ngGenie MyAdvisor. MyAdvisor is a natural language chatbot that uses machine learning to learn consumers’ spending patterns and transactions to provide personalized assistance. Most recently the company was positioned as a “Leader” in Gartner’s Magic Quadrant for application testing services.