Global information technology, business process, and consulting services company Wipro announced that it has inked an agreement to acquire Rizing Intermediate Holdings, Inc., a global SAP consulting company.
The move is the latest in a string of acquisitions by Wipro as part of the company’s efforts to further drive its growth in the digital transformation space by broadening its consulting horizons. Earlier in April, the firm acquired 5G wireless consulting company Convergence Acceleration Solutions (CAS Group), which provides strategic transformation programs operating in mobile/wireless, fiber optic, and cable, data, and telecom retail solutions. Cybersecurity consultancy Edgile was acquired in late 2021, further strengthening Wipro’s presence in the risk and compliance, information and cloud security, and digital identity spaces.
The series of acquisitions is part of Chief Executive Officer Thierry Delaporte’s “New Wipro” strategy, which focuses on prioritizing key markets and investments and winning large deals by proactively expanding the firm’s market share of $200 and $300 million accounts.
“This is the next phase of growth for Rizing. With Wipro’s backing, we will be able to enhance the value we deliver to our current clients and bring our differentiated offering to a broader universe of businesses,” said Rizing CEO Mike Maiolo in a press release. “Combining the two firms will allow us to scale our services and expand our footprint in the market. We are thrilled to join a company that shares our values and vision, enabling us to grow in new strategic areas.”
As an industry-leading strategic global partner for SAP, Rizing’s extensive capabilities will be integrated into the Wipro SAP Cloud practice and Wipro FullStride Cloud Services offerings, assisting clients in uncovering competitive advantages and new business opportunities through SAP cloud transformations. The integration will also expand Wipro’s presence in the oil and gas, utilities, manufacturing, and consumer spaces.
The all-cash transaction, valued at approximately $540 million, is expected to be completed prior to the quarter ending June 30, subject to regulatory approvals and closing conditions, according to the exchange filing. The Connecticut-based Rizing employs more than 1,300 people in 20 offices across North America, Asia, and Europe, and reported a net revenue of $193.8 million in 2021. The company was previously owned by private equity firm One Equity Partners.