Wipro Technologies to buy IT arm of Citigroup in India
December 24th, 2008 Leave a comment Visited 24 times, 1 so far today
Wipro Technologies to buy IT arm of Citigroup in India
Wipro Technologies has announced that they are acquiring the IT arm of Citigroup in India for around $127 million.
The company said that this deal would bring the company massive contracts in the coming years.
Wipro is acquiring Citi Technology Services in an all-cash transaction.
The deal would also see Citigroup to outsource all future infrastructure management contracts to Wipro.
Wipro would take in some 2,000 Citi staff in Mumbai and Chennai as a result.
The Indian IT giant added that they would now deliver infrastructure services and provide application development and maintenance to Citi for six years.
This alone would bring them at least $500 million in revenues.
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