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Wipro completes acquisition of IT services firm TechneGroup

October 07, 2019

IT service provider Wipro Ltd. (NYSE: WIT) announced Friday that it completed its acquisition of International TechneGroup Inc., a provider of software and services in the computer-aided design and product lifecycle management space.

Wipro initially announced the deal to acquire Milford, Ohio-based TechneGroup for $45 million on June 5.

In addition to the US, TechneGroup has offices in the UK, Italy, Israel and Germany. Its services are provided to manufacturers in the aerospace, automotive, healthcare and other industries.

“This acquisition complements Wipro’s core strengths in industry 4.0 and allows us to offer end-to-end solutions in digital engineer and manufacturing,” said Harmeet Chauhan, senior VP for industrial and engineering services at Wipro, in the initial announcement on June 5.

TechneGroup posted revenue of $23.2 million in its 2018 fiscal year. The privately held firm was founded in 1983 and has 130 employees.