Wipro Ltd on Wednesday said it has signed a definitive agreement to acquire Encore Theme Technologies Pvt. Ltd, a specialist in providing software-as-a-service (SaaS) and cloud solutions in financial services.
The acquisition will close in the quarter ending 31 December 2020.
Over the past decade, Chennai-headquartered Encore Theme has focused on implementing a broad suite of trade finance solutions, developed by Finastra, one of the world’s largest fintechs, to financial institutions across the Middle East, Africa, India and Asia Pacific.
“Financial institutions are all looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial routines. Trade Finance is a strong revenue generation stream with a high cost base structure, where technology will play a big part in driving future growth. Wipro, a global strategic partner of Finastra, and Encore Theme will together enable this modernization for financial institutions,” Wipro said in a statement.
“Encore brings a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro’s reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions,” said Angan Guha, global head, Banking, Financial Services & Insurance, Wipro.
The acquisition is expected to combine Wipro’s global managed services capabilities with Encore Theme’s deep domain trade and cash management expertise.
This article was first published in livemint.