CFIUS Clearance: Wipro Limited and International TechneGroup Incorporated

Status: Clearance

Acquirer: Wipro Limited (India)

Acquired: International TechneGroup Incorporated (U.S.)

Value: $45 million

Industry Tags: CAE/CAD Software; Enterprise Management Software; Software

On June 5, 2019, Wipro Limited, a publicly traded (NYSE: WIT, BSE: 507685, NSE: WIPRO) Indian information technology, consulting and business process services company, “announced that it has signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company.” (Press Release, Wipro Limited, Form 6-K, Ex-99.1, June 6, 2019, SEC Filing.) “Approval by the Committee on Foreign Investment in the United States (‘CFIUS’)” was required for the transaction. (Id.) The “acquisition has been completed on October 3, 2019.” (Press Release, Wipro Limited, Form 6-K, Ex-99.1, Oct. 8, 2019, SEC Filing.)

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