India-based IT services giant Wipro Ltd. (NYSE: WIT) is acquiring Rizing Intermediate Holdings Inc., a global SAP consulting firm headquartered in the US, for USD 540 million in cash. The deal is expected to close before the end of this quarter. Regulatory approval is still required.

“Rizing’s complementary consulting capabilities and strong client relationships will significantly boost our existing offering, creating one of the most differentiated SAP services in the marketplace,” said Theirry Delaporte, Wipro CEO and managing director.

Rizing was founded in 2018. It has more than 1,300 employees in 16 countries across North America, Europe, Asia and Australia. It posted revenue of USD 193.8 million in 2020.

“Combining the two firms will allow us to scale our services and expand our footprint in the market,” Rizing CEO Mike Maiolo said.

Plans call for the company to operate as “Rizing, a Wipro company,” under the continued leadership of Maiolo.

Rizing is being sold by private equity firm One Equity Partners.