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    PDF Files Wipro To Acquire NerveWire Inc. Press Release

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    Raghav Raghunathan
    Wipro acquired NerveWire, a business and IT consulting firm focused on the financial services industry, for $18.7 million. NerveWire brings over 90 consultants with deep domain expertise and over 40 client relationships to Wipro. The acquisition expands Wipro's presence in the global financial services market and is expected to drive growth through increased customer value from NerveWire's consulting capabilities and Wipro's global delivery model.

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    PDF Files Wipro To Acquire NerveWire Inc. Press Release

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    Raghav Raghunathan
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    Wipro acquired NerveWire, a business and IT consulting firm focused on the financial services industry, for $18.7 million. NerveWire brings over 90 consultants with deep domain expertise and over 40 client relationships to Wipro. The acquisition expands Wipro's presence in the global financial services market and is expected to drive growth through increased customer value from NerveWire's consulting capabilities and Wipro's global delivery model.

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    Wipro acquired NerveWire, a business and IT consulting firm focused on the financial services industry, for $18.7 million. NerveWire brings over 90 consultants with deep domain expertise and over 40 client relationships to Wipro. The acquisition expands Wipro's presence in the global financial services market and is expected to drive growth through increased customer value from NerveWire's consulting capabilities and Wipro's global delivery model.

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    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    103 views3 pages

    PDF Files Wipro To Acquire NerveWire Inc. Press Release

    Uploaded by

    Raghav Raghunathan
    Wipro acquired NerveWire, a business and IT consulting firm focused on the financial services industry, for $18.7 million. NerveWire brings over 90 consultants with deep domain expertise and over 40 client relationships to Wipro. The acquisition expands Wipro's presence in the global financial services market and is expected to drive growth through increased customer value from NerveWire's consulting capabilities and Wipro's global delivery model.

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    FOR IMMEDIATE RELEASE Wipro to acquire NerveWire Inc.

    Expands presence in the global Financial Services market Bangalore, India, April 24, 2003: Wipro Limited (NYSE: WIT) announced today that it entered into a definitive agreement to acquire NerveWire, Inc., a Newton, Massachusetts based Business and IT Consulting company serving financial services clients, for approximately $18.7 million in cash, subject to adjustments. Wipro expects the transaction to be completed in the quarter ending June 2003 NerveWire Inc. has a team of over 90 domain experts and IT consultants primarily in the USA. NerveWire addresses clients in the Security services, private client, trading / investment management, banking, insurance, and high tech industries. NerveWire provides strategy and business case development, business requirements definition, IT strategy and program management, business and technology architecture development, package and technology analysis and selection, and systems development and integration. NerveWire brings to Wipro more than 40 client relationships with over 20 active engagements. NerveWire has worked with the worlds largest financial institutions to create business plans and develop systems that synchronize their operations internally, as well as with those of their customers, suppliers, and business partners. Commenting on the acquisition, Girish Paranjpe, President, Financial Services, Wipro Technologies said, In the last 12 months we have built momentum in our financial services business through marquee client wins and demonstrated execution excellence. The team of 90 plus consultants from NerveWire bring in deep domain knowledge and strong customer relationships. We believe this acquisition will be a strong catalyst for growth by creating better customer value. John Plansky, NerveWires President and Chief Executive Officer said, Currently, we are focused on business consulting, architecture, and custom development services. With this transition, Wipros strong quality processes, Global Delivery Model, and outsourcing capabilities, we will enhance the value that we offer to our clients. Our entire team is excited at the prospect of being a part of a strong, global IT Services company and we look forward to building a robust IT consulting and service practice in financial services. The closing of the transaction is subject to customary closing conditions and regulatory approvals. Deloitte & Touche Corporate Finance LLC is acting as exclusive financial advisor to Wipro for this transaction. We have arranged for conference calls with senior management on Thursday April, 24, 2003 at 6:30 PM Indian Standard Time (9:00 AM Eastern) to discuss the acquisition. For call-in numbers and further clarifications, contact Lakshminarayana at email id [email protected] .

    About Wipro Limited Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first P CMM Level 5 and SEI CMM Level 5 certified IT Services company globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro also has profitable presence in niche market segments of consumer products and lighting. Wipros ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange, among others. For more information, please visit our websites at www.wiprocorporate.com, www.wipro.com and www.wipro.co.in About NerveWire NerveWire is a management consulting and systems integration firm focused on Collaborative Commerce and Integration. NerveWire helps Global 2000 clients in the financial services and high tech and manufacturing industries integrate their customers, channels, and suppliers to attain new levels of shareholder value. Headquartered in Newton, Massachusetts, NerveWire serves clients worldwide. NerveWire works with Fortunes top 5 securities firms, eight of the leading Fortune 500 commercial banks, Fortunes #1 computer software company, Fortunes #1 computer peripheral company, 3 of Fortunes top 7 network communications firms, and 4 of Fortunes top 5 computer manufacturers. For more information, please visit NerveWires website at www.nervewire.com. Contact for Investor Relation K R Lakshminarayana Corporate Treasurer Phone: ++91-80-844-0079 Fax: ++91-80-844-0051 [email protected] Contact for media & Press Vijay K Gupta Vice President -Corporate Communications ++91-80-844-0076 ++91-80-844-0350 [email protected]

    Forward-looking and cautionary statements Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, , liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Wipro may, from time to time, make additional written and oral forward looking statements, including statements contained in the companys filings with the Securities and Exchange Commission and our reports to shareholders. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

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