Wipro to acquire specialist Finastra software partner Encore Theme
By Edil Corneille
Global information technology company Wipro announced that it has signed a definitive agreement to acquire Encore Theme, a specialist in providing SaaS and cloud solutions in financial services.
Chennai-based Encore Theme has focused exclusively on implementing a broad suite of trade finance solutions developed by FinTech company Finastra. Over 75 large scale Finastra Trade Finance projects have been delivered by them for banks across the Middle East, Africa, India and the Asia Pacific (APAC).
Financial institutions are modernising their trade platforms and focusing on the end-to-end digitalisation of commercial routines. Trade Finance is a strong revenue generation stream with a high cost base structure. Wipro, a global strategic partner of Finastra, and Encore Theme will together enable this modernisation for financial institutions.
Angan Guha, Senior Vice President and Global Head, Banking, Financial Services & Insurance, Wipro Limited said, “We are excited to have the team at Encore Theme join us. They bring a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro’s reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions.”
“Our customers and our team are our core strengths. We strongly believe this synergy will enable global reach, add value to all our customers and bring in new opportunities that will accelerate our growth and that of our team. The decision to join Wipro was driven by their core values of trust and respect to people and unyielding integrity in everything they do,” said R.K. Kanthimathinathan, Founder MD & CEO, Encore Theme Technologies Pvt Ltd.
Denise Parker, SVP, Partners and Ecosystem at Finastra said, “On completion, this move will combine Wipro’s global managed services capabilities with Encore Theme’s deep domain trade and cash management expertise. It will drive value for customers via Finastra’s software, like Fusion Trade Innovation, which is amongst the world’s leading trade finance products, enabling banks to drive efficiencies and to reduce cost.”
The acquisition is subject to customary closing conditions and is expected to close in the quarter ending December 31, 2020. According to the Press Trust of India, Wipro will acquire Encore Theme for an amount of up to INR 950 million.
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