Wipro Limited has announced the acquisition of 100% shareholding in Applied Value Technologies, Inc., along with its subsidiaries Applied Value Technologies B.V. and Applied Value Technologies Pte Limited. This deal, which was finalized on December 16, 2024, marks a strategic expansion for Wipro in the field of enterprise applications and IT services.
The acquisition is valued at up to $40 million, subject to customary adjustments, including a deferred earnout based on performance metrics. Applied Value Technologies (AVT), founded between 2021 and 2022, provides IT operational transformation services with a highly customized and data-driven approach. With this acquisition, Wipro aims to enhance its existing application services capabilities and tap into new growth opportunities in the IT sector.
The deal, which will be completed by December 31, 2024, will not require any regulatory approval. AVT has been growing rapidly, with revenues reaching USD 19.4 million in 2023, up from USD 0.8 million in 2021. The companies involved in the deal are headquartered in the USA, Singapore, and the Netherlands, with a global clientele served by their enterprise applications development and support services.
