Wipro to acquire BFSI solutions provider Encore Theme for Rs 95 crore

Started by devikad, Oct 29, 2020, 06:07 PM

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Wipro to acquire BFSI solutions provider Encore Theme for Rs 95 crore

Wipro said it would acquire Encore Theme Technologies, a software-as-a-service (SaaS) and cloud solutions provider for the financial services sector, for up to Rs 95 crore.

Founded in 2006 and headquartered in Chennai, Encore Theme provides trade finance solutions developed by Finastra, to financial services institutions across the Middle East, Africa, India and Asia Pacific.

Encore Theme has successfully delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions. Encore Theme, which has 140 employees, reported revenues of Rs 54.5 crore, Rs 49.5 and Rs 39.4 crore respectively in FY20, FY19 and FY18.

Financial institutions are all looking to modernize their trade platforms and focus on the end-to- end digitalization of commercial routines. Trade Finance is a strong revenue generation stream with a high cost base structure, where technology will play a big part in driving future growth.

Wipro, a global strategic partner of Finastra, and Encore Theme would together enable this modernization for financial institutions, said the company in a press release.

"Encore Theme brings a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro's reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe
implementing Finastra solutions," Angan Guha, senior vice president and Global Head, Banking, Financial Services and Insurance, Wipro, was quoted saying.

Wipro said 73% equity stake would be acquired upfront and the remaining 27% equity stake to be acquired subject to receipt of certain regulatory approvals/confirmations.

Source: https://cio.economictimes.indiatimes.com/news/corporate-news/wipro-to-acquire-bfsi-solutions-provider-encore-theme-for-rs-95-crore/78924133

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