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Wipro announced an agreement to acquire Saraware Oy, a Finnish telecom design and engineering services firm, in June 2006. Contemporary reports put the consideration at €25 million (about $32 million), with upfront cash, assumed debt and possible earn-outs. Wipro said the deal would give it a local Finnish presence, near-shore engineering capacity and specialist mobile-network expertise.
What company did Wipro acquire?
The target was Saraware Oy, a Finland-based provider of design and engineering services to telecommunications companies. At the time of the deal, Business Standard reported that Saraware had around 200 employees and recorded €15 million in turnover in the preceding calendar year; those are historical figures reported in 2006, not current company statistics. Business Standard, first published June 8, 2006
How much was the deal worth?
Business Standard reported consideration of €25 million. Other contemporary reports gave roughly equivalent dollar figures: RCR Wireless News reported about $31.7 million, while EDN reported Rs.144.35 crore, or about $32 million. These are differently rounded historical reports, not independent current valuations. Business Standard; RCR Wireless News, June 9, 2006; EDN, June 12, 2006
The reported structure included an upfront payment and debt takeover, with additional earn-outs tied to financial targets over 18 months, according to contemporaneous coverage. RCR Wireless News; EDN
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Why did Wipro want Saraware?
Wipro described the acquisition as a way to establish local presence in Finland and a near-shore development centre in the Nordic region. The company said that capacity would help it take on more complex, end-to-end customer engagements. Saraware also brought skills in radio networks and secure mobile platforms, as well as development experience with base-station controllers and mobile communication platforms. EDN
Ramesh Emani, then Wipro president of product engineering services, said the acquisition would add “niche skills” in base-station controllers and mobile communication platforms. That was Wipro’s stated rationale at announcement, not evidence by itself of the deal’s later results. EDN
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Was the acquisition completed in June 2006?
Contemporary reports do not use consistent transaction-status wording. EDN said Wipro had signed an agreement and expected closing the following month, subject to customary conditions and regulatory approvals. RCR Wireless News and The Times of India described the transaction as an acquisition already made. EDN; RCR Wireless News; The Times of India, June 9, 2006
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteThe sources establish the June 2006 announcement and agreement, but they do not establish an exact legal closing date. The most precise account is therefore that Wipro announced it had agreed to acquire Saraware, while some reports at the time described the deal as completed.
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