Wipro buys US digital engineering company for $45 million

BENGALURU: Wipro has got US-based International TechneGroup Inc (ITI), a virtual engineering and production solutions company, for $45 million.

ITI specialises in laptop aided design (CAD) and product lifecycle management (PLM) interoperability device products and services. Founded in 1983 and headquartered in Milford, Ohio, ITI has workplaces in the UK, Italy, Israel and Germany and offers device products and services to leading producers across aerospace, automotive, healthcare and other segments. It counts Global Steering Systems and Imperial College, London, as customers. For the latter, its CAD crew equipped insights into go with the flow physics for the school's Elemental RPI racecar.

Who's checking your Facebook pictures? Wipro and its workers

A crew of over 250 overworked techies in Hyderabad had been parsing via your Facebook pictures, categorising them into 5 "dimensions" and trying to determine why you posted those footage. These contract workers had been going during the pictures posted since 2014 — step one in opposition to an self sustaining photograph popularity.

ITI had revenue of $23.2 million in 2017-18 (year-ended June 30), in comparison to $22.2 million and $19.6 million in the ultimate two previous years.

The acquisition complements Wipro's core strengths in lndustry four.zero and will permit the Indian IT company to supply end-to-end solutions in virtual engineering and production. ITI’s choices and solutions might be consolidated as a part of Wipro’s commercial & engineering products and services industry and will serve as as a wholly-owned US subsidiary of the corporate. The company has 130 workers. “As enterprises innovate and put money into ‘EngineeringNXT’, they're searching for tactics to construct a virtual thread across design, engineering, and production,” mentioned Harmeet Chauhan, SVP of business & engineering products and services in Wipro.

Wipro’s biggest buyback value $1.7 billion will get approval of Sebi

This time, the shares are expected to be purchased again at Rs 320 a piece, a 17% top rate to the prevailing percentage price of Rs 273 at the Bombay Stock Exchange. The price is 33% upper than the 6-month reasonable percentage price of Rs 240. This could be Wipro’s third buyback. It did a buyback of Rs 2,500 crore value of shares in 2016 and Rs 11,000 crore value of shares in 2017.