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Wipro share rises 2% on acquisition of Australian cybersecurity firm

BusinessToday.In     April 1, 2021

Wipro stock rose over 2% after the IT services firm said said it would acquire Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services for $117 million (about Rs 857 crore). Wipro share touched an intraday high of Rs 422.75, rising 2.06% on BSE.

The large cap share trades higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages . The IT stock has gained 120% in one year and risen 8.08% since the beginning of this year. Market cap of the firm stood at Rs 2.28 lakh crore on BSE.

The acquisition of Ampion is an important step for Wipro in this direction, and strengthens the commitment towards clients and stakeholders in Australia and New Zealand (ANZ), Wipro said in a regulatory filing. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021, it added. "The purchase consideration is USD 117 million (1 AUD=0.78 USD)," the filing said.

The acquisition of Ampion is an important step for Wipro in this direction, and strengthens the commitment towards clients and stakeholders in Australia and New Zealand (ANZ), Wipro said in a regulatory filing.

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The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021, it added.

"The purchase consideration is USD 117 million (1 AUD=0.78 USD)," the filing said. Ampion was formed through the merger of IT services providers ''Revolution IT'' and ''Shelde''. Revolution IT was an IT services company in Australia founded in 2004 and Shelde was a digital IT security company founded in 2010 in Australia.

The merged entity, Ampion is headquartered in Melbourne, with offices in Sydney, Brisbane, and a zone 3 facility in Canberra.

(Edited by Aseem)


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