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Wipro to Acquire Citi Technology Services Ltd, India
23 Dec 2008
Wipro is believed to be acquiring Citigroup's subsidiary Citi Technology Services (CTS), formerly called Citos, which is the technology and infrastructure outsourcing arm of Citi.
This is the second time that Citi, will sell off its Indian back-office operations. In early October, it had sold its captive BPO Citigroup Global Services (CGSL) to Tata Consultancy Services for $505 million.
This transaction strengthens Wipro's existing relationship with Citi with a long-term agreement for Wipro to deliver TIS and domain -led ADM services to all Citi business segments.
A successful acquisition of CTS will strengthen the infrastructure and facilities management business of Wipro.
Currently, Wipro has established its presence in the Indian market for these of services. Acquisition of CTS would help Wipro bag Citigroup as a key client. The global financial institution has more than 200 million customers in more than 100 countries.
Tags
wipro, citi technology, citigroup, cts
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