Wipro Will Acquire Encore Theme, Finastra’s Professional Software Partner in Financial Services
Wipro will become one of Finastra’s largest trade finance partners in the world
The world’s leading information technology, consulting and business process services firm Wipro Limited announced that it has signed A definitive agreement to acquire Encore Theme Technologies Private Limited (Encore Theme), a company that provides software as a service (SaaS) and cloud solutions in the financial services sector.
“We are very pleased that Encore Theme’s team has joined us. They have extensive trade finance product expertise and extensive experience in delivering Finastra’s trade finance and cash management solutions. Combining Wipro’s influence in the region and proven systems Integration capabilities will help strengthen our leading position in implementing Finastra solutions globally.”
Over the past ten years, Encore Theme, headquartered in Chennai, India, has exclusively focused on implementing a set of trade financing solutions developed by Finastra, one of the world’s largest financial technology companies, for financial institutions in the Middle East, Africa, India and the Asia-Pacific region. They have successfully delivered more than 75 large-scale Finastra trade finance projects for banks in these regions.
Financial institutions are looking forward to modernizing their trading platforms and focusing on end-to-end digitization of business processes. Trade finance is a powerful source of income, with a high-cost infrastructure, in which technology will play an important role in driving future development. Finastra’s global strategic partner Wipro and Encore will jointly promote the modernization of financial institutions.
Angan Guha, Senior Vice President and Global Head of Banking, Financial Services and Insurance at Wipro Limited, said: “We are very pleased that Encore Theme’s team has joined us. They have a wealth of trade finance product expertise and are delivering Finastra’s trade finance and cash management solutions. We have extensive experience in solutions. Combining Wipro’s influence in the region and proven system integration capabilities will help strengthen our leading position in the global implementation of Finastra solutions.”
RK Kanthimathinathan, founder, managing director and CEO of Encore Theme Technologies Pvt Ltd. said: “Our customers and team are our core strengths. We firmly believe that this synergy will enable our business to spread all over the world, for all of us. Customers create greater value and bring new opportunities that will accelerate the development of us and our team. Their core values are trust and respect for employees and integrity in doing everything. The decision to join Wipro is based on these core values. drive.”
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Denise Parker, Senior Vice President, Partner and Ecosystem Leader of Finastra added: “Once completed, this initiative will combine Wipro’s global management service capabilities with Encore Theme’s deep trading and cash management expertise. It will be through Finastra. The software (such as Fusion Trade Innovation, one of the world’s leading trade finance products) creates value for customers, thereby enabling banks to increase efficiency and reduce costs.”
The acquisition is subject to customary closing conditions and is expected to be completed in the quarter ending December 31, 2020.
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