Wipro announced plans to acquire Applied Value Technologies (AVT), a Massachusetts-based IT services consulting firm, in an all-cash transaction valued at $40 million. The acquisition is expected to be completed by December 31, 2024, subject to regulatory approvals, according to a filing with the Bombay Stock Exchange (BSE).

The deal aims to strengthen Wipro’s application services capabilities, aligning with its broader business turnaround strategy. AVT helps businesses transform their IT operations with a highly personalized, data-driven approach. This acquisition will enhance Wipro’s existing application services portfolio, creating new growth opportunities.

The $40 million purchase price includes deferred payments related to AVT’s achievement of specific performance metrics.

AVT operates subsidiaries in Massachusetts, Singapore and the Netherlands, established between 2021 and 2022, offering enterprise application development and support services to global customers. Its consolidated revenues have increased significantly over the years, from $0.8 million in 2021 to $19.4 million in 2023.

The acquisition follows a series of strategic moves by Wipro, including a 27% stake in SDVerse, an automotive software marketplace, for $5.85 million, and a $66 million purchase of a 60% stake. % in the American insurance company Aggne Global earlier this year.

Wipro recently too joined is partnering with SIAM.AI, a member of the NVIDIA Cloud Partner Program in Thailand, to create an AI-powered digital assistant for the country’s tourism authority. Built using NVIDIA AI Enterprise software, Wipro’s Enterprise Generative AI (WeGA) studio and SIAM.AI expertise, the assistant, named “Sukjai”, aims to improve tourism experiences while advancing Thailand’s sovereign AI objectives.

Wipro also recently announced the appointment of Omkar Nisal as Managing Director of its European Strategic Market Unit (SMU). Effective immediately, Omkar will report to Wipro CEO and Managing Director Srini Pallia and join the Wipro Board of Directors, succeeding Pierre Bruno, who is resigning.