At a time when Indian IT services firms are doubling down on acquisitions, Wipro, too, appears to have joined the party by acquiring a Singapore-based IT services company called Mindsprint, for a total consideration of around $375 million.
The Indian IT major is set to acquire 100% stake in Mindsprint, which is part of a broader agreement signed with Olam Group - an eight-year deal with a final contract value that could exceed $1 billion, the company said in a filing to the exchanges.
Olam, which is also headquartered in Singapore, is a leading food and agri business with a market value of over $50 billion. The company is majority owned by Temasek Holding.
As part of the eight-year contract with Olam Group, Wipro will partner in an end-to-end transformation through a consulting-led and AI-powered approach. Wipro will utilise its industry expertise and unified suite of AI-powered services to strengthen Olam Group's core operations and help the company gain a competitive advantage in the industry.
As part of the broader agreement, Wipro will also acquire Mindsprint, which is the IT services arm. Headquartered in Singapore, Mindsprint offers technology and digital services across enterprise applications, data and analytics and digital platforms, among other things. It has a global workforce of more than 3,200 employees, spread across India, Singapore, the US, the UK and the Middle East.
Mindsprint particularly has a strong presence in the Food and Agri-business industry, in addition to supply chain transformation capabilities and proprietary IP-driven solutions. The company reported a consolidated revenue of $135 million in CY25, an almost 4% year-on-year increase from $130 million in CY24.
Wipro adds that the transaction is expected to be completed by June 2026 in an all-cash deal, subject to necessary regulatory approvals.
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