Wipro Limited is all set to acquire Encore Theme Technologies Private Limited, a global banking and financial software solution provider of Finastra Products. In an announcement, Wipro mentioned to having signed a definitive agreement to acquire Chennai-based Encore, a specialist in providing SaaS and Cloud Solutions in financial services. Together, Wipro and Encore will enable modernization of financial institutions. The acquisition is subject to customary closing conditions and is expected to close in the quarter ending December 31, 2020.

Angan Guha, Senior Vice President & Global Head, Banking, Financial Services & Insurance, Wipro says, “We are excited to have the team at Encore Theme join us. They bring a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro’s reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions.”

“Our customers and our team are our core strengths. We

Together with Wipro’s reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions

strongly believe this synergy will enable global reach, add value to all our customers and bring in new opportunities that will accelerate our growth and that of our team. The decision to join Wipro was driven by their core values of trust and respect to people and unyielding integrity in everything they do,” says R.K. Kanthimathinathan, Founder MD & CEO, Encore Theme Technologies.

For the last decade, Encore has focused exclusively on implementing a broad suite of Trade Finance solutions developed by Finastra – a fintech company. It has been serving to financial institutions across Middle East, Africa, India and Asia Pacific and has successfully delivered over 75 large scale Finastra Trade Finance projects for banks across these regions.

Denise Parker, SVP, Partners & Ecosystem, Finastra, adds, “On completion, this move will combine Wipro’s global managed services capabilities with Encore Theme’s deep domain trade and cash management expertise. It will drive value for customers via Finastra’s software, like Fusion Trade Innovation, which is amongst the world’s leading trade finance products, enabling banks to drive efficiencies and to reduce cost.”