Wipro has signed a definitive agreement to acquire cMango Inc, a California-based company in an all-cash deal for $ 20 million.
According to a release issued by Wipro to the Bombay Stock Exchange, the consideration to acquire 100 per cent stake in the privately held cMango also includes earn-outs based on achieving targeted financial metrics over a two-year period.
"cMango has multiple offices in the US as well as offices in the UK, Singapore and a delivery center in Pune," the release added.
cMango has an annualised revenue of around $13
="clear">
million. cMango will be a part of the technology infrastructure services service-line of Wipro Technologies, the release added.
Sudip Nandy, chief strategy officer of Wipro, said: "This acquisition is a significant milestone in our strategy towards creating a strong value proposition in a growth business like technology infrastructure services. We see significant value from the cMango team through their potent consulting skills, breadth of service portfolio and domain depth."
