M&A M&A
Wipro acquires Olam Group’s IT Services unit Mindsprint for $375-M
Source Mindsprint (opens in a new tab)Company Announcement (opens in a new tab)BSE Announcement (opens in a new tab)
Publicly listed IT services firm Wipro Ltd has acquired Chennai- and Singapore-based Mindsprint , the IT and digital services business of Olam Group, for USD 375 million in cash. Avendus Capital acted as the exclusive financial advisor to Olam Group and Mindsprint on this transaction.As part of the acquisition, Olam Group has been awarded an eight-year strategic transformation deal to Wipro, with a committed annual spend of USD 100 million, representing approximately 55-60% of Olam Group’s annual technology and shared services expenditure.Mindsprint will operate as a wholly owned subsidiary of Wipro, with its key management personnel, including CEO Suresh Sundararajan, continuing to lead the business.