Wipro Acquires mPower
Wipro has announced that it will acquire New Jersey mPower Inc, a niche company focused on payment space. The announcement comes close on the heels of its recent acquisition of Austria based NewLogic.
While the Newlogic acquisition cost Wipro $56 million, the U.S. headquartered mPower has been acquired for a sum of $28 million. With a development center in Chennai, the company has posted annualized earnings of around $4.6 million.
With the acquisition - a part of its global IT services business, Wipro will also take over MPACT Technology Services, a MasterCard and mPower joint venture.
Commenting on the transaction, Naru Narayanan, Chairman and CEO, mPower said, “This partnership brings together the niche expertise of mPower in the payments space and Wipro’s wide range of services and extended global reach.”
“The payments industry is an area where we expect to see rapid growth in the near future, and this acquisition strengthens our capability in the payments arena, where we work across the chain from traditional, electronic and cards payments,” said Sriram Srinivasan, VP - banking solutions, Wipro Technologies.
With this acquisition, Wipro will provide MasterCard and other clients in the payment space with a wide range of services that could include application development and maintenance, infrastructure services, package implementation, BPO and testing.
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