Wipro shares rise on acquisition of Australian cybersecurity firm

Wipro

Shares of Wipro rose over a percent in early trade on April 1 after the company informed exchanges that it is going to acquire Ampion, a leading Australian cybersecurity provider.

“… announced that it has signed an agreement to acquire Ampion, an Australia-based provider of cybersecurity, DevOps and quality engineering services,” the company said in a release.

“Wipro and Ampion’s combined offerings, powered by engineering transformation, DevOps and security consulting services will bring scale and market agility to respond to the growing demands of customers,” Wipro 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), it added.

NS Bala, CEO – APMEA, Wipro said in the statement, “I am excited to welcome Ampion to the Wipro family. Ampion has a successful track record and enjoys immense credibility with leading enterprises in the region, a collaborative work culture, and significant local subject matter expertise.”

“We see Ampion as a complementary force that will help us expand our footprint and accelerate our journey in the Asia Pacific region,” he added.

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

Also, the meeting of the board of directors will be held on April 15, 2021, to consider and approve, the condensed audited standalone and consolidated financial results of the company for the quarter and year ending March 31, 2021.

The board will consider the recommendation of the final dividend, if any, for the financial year ending March.

At 09:22 hrs, Wipro was quoting at Rs 419, up Rs 4.80, or 1.16 percent on the BSE.

The share touched a 52-week high of Rs 467.20 and a 52-week low of Rs 174 on 13 January 2021 and 21 April 2020, respectively.
Currently, it is trading 10.32 percent below its 52-week high and 140.8 percent above its 52-week low.

News Source:- Moneycontrol

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