Wipro to pick up 100% stake in Applied Value Tech for $40 Million

17 Dec 2024 , 05:55 AM

Wipro Ltd, an IT services business, stated on Monday (December 16) that it has acquired a 100% stake in Applied Value Technologies, Inc, as well as its affiliates Applied Value Technologies Pte Ltd and Applied Value Technologies BV.

The acquisition, worth up to $40 Million, is intended to strengthen Wipro’s existing application services capabilities and open up new development potential. The transaction includes a cash acquisition payment and a deferred earnout based on the achievement of specified performance objectives. The transaction is expected to be finalized on December 31, 2024.

Applied Value Technologies, formed in 2021 in the United States and expanding globally with offices in Singapore and the Netherlands, specializes in enterprise application development and support services. The company’s consolidated sales increased significantly, from $0.8 Million in 2021 to $19.4 Million in 2023.

Applied Value Technologies transforms enterprise IT processes using a highly customized and data-driven strategy. AVT will supplement Wipro’s existing application services capabilities, enabling additional growth prospects,” the company stated.

Wipro (via its subsidiaries) has signed a final agreement to purchase 100% of the shares in Applied Value Technologies, Inc., Applied Value Technologies B.V., and Applied Value Technologies Pte Limited on December 16, 2024, according to a regulatory filing.

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