India's Big 5 IT Consulting firm Wipro announced that it has acquired Appirio a consultancy focused on cloud services and cloud integration for $500 million. Appirio being the 10th acquisition at $500 million, it’s also the most expensive for Wipro, which itself is valued at around $18 billion.
Wipro management about this deal
“In an increasingly digital world, as consumer behaviors and expectations continue to be reshaped by experiences, companies are recognizing that they need to transform how they engage with customers and employees by leveraging the power of Cloud. Appirio and Wipro are coming together to unlock transformational synergies in the applications space and help enterprises create new business models,” said Abidali Z. Neemuchwala, Chief Executive Officer & Executive Director, Wipro Limited, in a statement.
Appirio, which is based out of Indianapolis but operates globally, had raised about $111 million from investors like Fidelity, General Atlantic and Sequoia. Its customers includes tech giants like Facebook, eBay and Sony PlayStation, as well as big brands like Coca-Cola and Home Depot. In 2013 Appiro acquired TopCoder a marketplace for designers, developers and data scientists who take on projects remotely.