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Wipro to acquire consulting firm Rizing for $540 million
Wipro to acquire consulting firm Rizing for $540 million
Wipro on Tuesday announced that it has signed a definitive agreement to acquire Rizing Intermediate Holdings, Inc. (Rizing), a global SAP consulting firm for $540 million, significantly expanding its breadth of capabilities in helping businesses transform into intelligent enterprises.
Wipro on Tuesday announced that it has signed a definitive agreement to acquire Rizing Intermediate Holdings, Inc. (Rizing), a global SAP consulting firm for $540 million, significantly expanding its breadth of capabilities in helping businesses transform into intelligent enterprises. The acquisition is subject to regulatory approvals and is expected to close before the end of the quarter ending June 30, 2022.
Rizing is the latest in a series of acquisitions by Wipro, underscoring the company's ambitious growth agenda.
Wipro in a regulatory filing said, "Rizing's high-touch approach, along with its industry expertise and SAP consulting capabilities in enterprise asset management, consumer industries, and human experience management, will be instrumental in advancing Wipro's position as a sought-after advisor for clients' most complex SAP transformations."
"We are thrilled to welcome the Rizing team to the Wipro family," said Thierry Delaporte, Chief Executive Officer & Managing Director, Wipro Limited.
He added, "Rizing's complimentary consulting capabilities and strong client relationships will significantly boost our existing offering, creating one of the most differentiated SAP services in the marketplace. Together, we will be able to expand our presence in high-growth industry sectors."
Rajan Kohli, President of Wipro's iDEAS (Integrated Digital, Engineering and Application Services) business, added, "Our clients' digital transformation needs are rapidly evolving, and they are turning to us to help them become intelligent enterprises. Rizing's domain expertise, combined with our cloud and digital solutions, will allow us to help clients unlock new value and build agile businesses for a new era of digitalization."
As one of the leading strategic partners in the world for SAP, Rizing will become a critical extension of Wipro's SAP Cloud practice and Wipro FullStride Cloud Services. The combined offering will help clients surface unique business opportunities and new competitive advantages through SAP cloud implementations. It will also help Wipro expand its leadership in oil & gas, utilities, manufacturing, and consumer industries.
"This is the next phase of growth for Rizing. With Wipro's backing, we will be able to enhance the value we deliver to our current clients and bring our differentiated offering to a broader universe of businesses," said Mike Maiolo, Chief Executive Officer, Rizing.
Maiolo added, "Combining the two firms will allow us to scale our services and expand our footprint in the market. We are thrilled to join a company that shares our values and vision, enabling us to grow in new strategic areas."
Upon completion of the acquisition, Rizing will operate as Rizing, a Wipro company, under the leadership of Maiolo.
Rizing is headquartered in Stamford, CT, and has more than 1300 employees in 16 countries across North America, Europe, Asia, and Australia. Rizing was previously owned by private equity firm One Equity Partners.
Guggenheim Securities, LLC acted as exclusive financial advisor to Rizing for this transaction.
