Wipro to Acquire Citigroup IT Unit
Wipro Technologies, the global IT services business of Wipro Limited, and Citigroup Inc. (Citi), the global financial services company, have reached an agreement for Wipro to acquire Citi Technology Services Ltd., the India-based captive provider of information technology services and solutions to Citi entities worldwide, for an all cash consideration of approximately $127 million. As part of the transaction, Wipro and Citi will sign a Master Services Agreement for the delivery of Technology Infrastructure Services (TIS) and Application Development and Maintenance (ADM) services for a period of six years. The agreement provides for the delivery of at least $500 million in service revenues over the period of the contract.
Based in Mumbai and Chennai, Citi Technology Services provides IT services to Citi and its affiliates around the world. Citi Technology Services has grown tremendously since its inception in 2005, and today has approximately 1,650 employees trained in Citi processes and technologies, servicing Citi businesses in more than 32 countries. This transaction is expected to strengthen Wipro's existing relationship with Citi with a long-term agreement for Wipro to deliver TIS and domain-led ADM services to all Citi business segments.
Based in Mumbai and Chennai, Citi Technology Services provides IT services to Citi and its affiliates around the world. Citi Technology Services has grown tremendously since its inception in 2005, and today has approximately 1,650 employees trained in Citi processes and technologies, servicing Citi businesses in more than 32 countries. This transaction is expected to strengthen Wipro's existing relationship with Citi with a long-term agreement for Wipro to deliver TIS and domain-led ADM services to all Citi business segments.