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Wipro Digital, the digital unit of Indian software company Wipro, has announced its intention to acquire Denmark-based Designit, a strategic design firm, for a purchase consideration of €85 million (approximately Rs.595 crore).

According to the company, the acquisition, which is subject to customary conditions and regulatory approvals, is expected to be closed in the current quarter.

The purchase consideration will take into account performance based contingent consideration to be paid over three years. And the final payout could range between 70-105% of purchase consideration.

The company said in the filing that, “This investment marks a further stage in Wipro’s move to evolve the digital offer it takes to market, combining its reputation and heritage in deep engineering and transformative technology with human-centred design methods.”

Falling under Business Application Services (BAS), Wipro Digital Services is formed recently and this will be its first acquisition.
Designit, founded in 1991, employs over 300 people across its nine offices globally. The revenue of the company in calendar year 2014 was €27 million.

-Sumana