Global information tech firm, Wipro has announced the signing of a definitive agreement to acquire Encore Theme Technologies Private Limited (Encore Theme), a specialist in providing SaaS and Cloud solutions in financial services.
It comes as Encore Theme has focused exclusively on implementing a broad suite of Trade Finance solutions, developed by Finastra, one of the world’s largest fintechs, to financial institutions across the Middle East, Africa, India and Asia Pacific.
Angan Guha, Senior Vice President and Global Head, Banking, Financial Services & Insurance, Wipro Limited, stated: “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.”
It comes as modernisation is a growing priority for financial institutions that are all looking to modernise their trade platforms and focus on the end-to-end digitalisation of commercial routines.
R.K. Kanthimathinathan, Founder MD & CEO, Encore Theme Technologies Pvt Ltd also stated: “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.”
Denise Parker, SVP, Partners and Ecosystem at Finastra, added: “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.”