Indian IT Firm WIPRO LTD, is reported to buy Citi’s India tech arm for USD 127 million for cash. Citi Tech Services is an India-based captive provider of IT services and solutions and its revenues were approximately USD 80 million in CY08. The agreement provides for delivery of at least USD 500 millon in service revenue over the period of the contract. The transaction is expected to be closed by March 2009.Citi’s Tech Head said Citi Tech Services has close to 1700 people with revenues close to USD 80 million this year. According to him, integration with Wipro will provide a larger suite of services and help drive productivity and scale.
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buy out, citi, tech arm, USD 500 millon, wipro