Wipro's Fool's Day Acquisition Of SAIC's Oil & Gas IT Business - The Energy Pill Wipro Needed?

4 Apr 2011
by Jimit Arora

$249.00

Market Vista

Introduction

On April 1, 2011, Wipro announced that the acquisition of SAIC's Oil & Gas IT services business for a consideration of US$150 million. The acquisition that comes in less than two months after Wipro announced T.K. Kurien's appointment as the new CEO, enhances Wipro's position of strength in the energy vertical, and further widens the gap between Wipro and the other Tier-1 offshore majors in the oil & gas space. Overall, we believe that the acquisition not only augments Wipro's position in the energy vertical but also provides positive indicators of recovery for the firm in 2011.

This Market Vista Breaking Viewpoint summarizes Everest's perspectives on the acquisition and highlights three key reasons for giving the announcement a "thumbs-up".

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