Wipro has signed a definitive agreement to acquire Encore Theme Technologies, a specialist cloud and software-as-a-service (SaaS) provider.

The Chennai, India-based firm has focused exclusively on implementing trade finance solutions, developed by Finastra, to financial institutions across the Middle East, Africa, India and Asia Pacific.

Wipro, a global strategic partner of Finastra, will use the deal with Encore Theme to build on the modernisation trend within incumbent financial institutions.

Angan Guha, senior vice president at Wipro, said: “The team at Encore Theme 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.”

Denise Parker, senior vice president for partners and ecosystem at Finastra, added: “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, enabling banks to drive efficiencies and to reduce cost.”

The acquisition is subject to customary closing conditions and is expected to close later in the fourth quarter.

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