By Lisa Kerner
Charlotte, N.C., Aug. 6 - Wipro Technologies entered a definitive agreement to acquire Infocrossing, Inc. for $18.70 per share in a cash tender offer. Following the tender offer, Infocrossing will merge with a Wipro subsidiary. The transaction is expected to close in the fourth quarter.
"This acquisition of an acknowledged industry leader broadens the data center and mainframe capabilities of Wipro Technologies to uniquely position us in the remote infrastructure management space," Wipro's president of global IT service lines Suresh Vaswani said in a company news release. "Through Infocrossing we are deepening our presence in the United States with the addition of five data center locations and approximately 900 employees."
Infocrossing also adds expertise in the health plan and payer management segments, having processed more than 175 million claims annually and providing contracted services to over 90 managed care organizations, executives said.
Citigroup and Wilson Sonsini Goodrich and Rosati advised Wipro. Infocrossing was advised by Credit Suisse Securities (USA) LLC and the law firm of Gibson, Dunn & Crutcher LLP.
Infocrossing is a Leonia, N.J., information technology outsourcing solutions provider.
Wipro is the information technology services business of Wipro Ltd., based in Bangalore, India.
| Acquirer: | Wipro Technologies
|
| Target: | Infocrossing, Inc.
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| Price per share: | $18.70
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| Announcement date: | Aug. 6
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| Expected closing: | Fourth quarter
|
| Stock price for target: | Nasdaq: IFOX: $17.73 on Aug. 3
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