Wipro to acquire NerveWire

Wipro Ltd., winner of the KMWorld 2002 KM Reality Award, reports it has acquired NerveWire, a Newton, Mass.-based business and IT consulting company serving financial services clients, for approximately $18.7 million in cash, subject to adjustments. Wipro expects the transaction to be completed in the quarter ending June 2003.

NerveWire reports it has a team of more than 90 domain experts and IT consultants primarily in the United States. NerveWire addresses clients in the security services, private client, trading/investment management, banking, insurance and high-tech industries. NerveWire provides strategy and business case development, business requirements definition, IT strategy and program management, business and technology architecture development, package and technology analysis and selection, and systems development and integration.

NerveWire brings to Wipro more than 40 client relationships with over 20 active engagements. NerveWire has worked with the world's largest financial institutions to create business plans and develop systems that synchronize their operations internally, as well as with those of their customers, suppliers and business partners.

Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT-enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.