Wipro to acquire SAIC's oil and gas IT services business
Wipro Technologies, the IT business of Wipro an IT, consulting and outsourcing company, recently announced that it has signed an agreement to acquire the global oil and gas information technology practice of the commercial business services business unit of Science Applications International (SAIC) (NYSE: SAI), for an all cash consideration of approximately US$ 150 million, subject to adjustments.
As a result of the transaction, approximately 1,450 employees are expected to transition to Wipro across North America, Europe, India and Middle East.
“The acquisition of SAIC’s Global Oil & Gas Information Technology practice will strengthen Wipro’s existing Energy business unit in becoming a long term strategic partner in our customer’s transformation journey, expects Anand Padmanabhan, Sr. VP, energy, natural resources and utilities SBU, Wipro Technologies. He believes that SAIC’s domain consultancy and competencies enhances Wipro’s capabilities in the Upstream Oil and Gas space.
As reported SAIC’s global oil and gas information technology practice provides consulting, system integration and outsourcing services to global oil majors with significant domain capabilities in the areas of digital oil field, petro-technical data management and petroleum application services addressing the upstream segment. The acquisition is expected to strengthen Wipro’s energy, natural resources and utilities strategic business unit (SBU), even further.
“Bringing our skills and client base to Wipro increases our combined market potential and positions us to capitalize on commercial business opportunities across the full breadth of the oil and gas industry,” remarked Rex Ballard, Sr. VP and GM, SAIC’s commercial business services business unit. He further added that the combined organization will give clients access to an enhanced portfolio of technologies and solutions and provide employees with increased opportunities for career development.
Completion of the acquisition is subject to customary closing conditions and regulatory approvals.
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