Wipro Technologies has signed a definitive agreement to acquire the Nasdaq-listed Infocrossing for $18.70 per share, pegging the enterprise valuation of the IT infrastructure management services firm at $600 million, including $60-million debt, in an all-cash deal.This marks Wipro’s 12th acquisition in the IT space and the ninth in the past 24 months alone, in what is being famously tagged as ‘string of pearls’ strategy.
The entire process of acquiring Infocrossing is likely to close by December 2007, and the acquired entity will be merged with Wipro’s subsidiary in US — Wipro Inc. This buyout brings in a revenue of $232.4 million with 900 people spread across five locations in the US.Wipro, for the first time, is in process of acquiring a publicly-held company.
Read more in The Economic Times article.
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