Wipro to buy Promax Applications for $36.6M
NEW YORK—Outsourcing company Wipro Ltd. said Monday it reached a deal to buy Promax Applications Group, a privately held provider of trade promotion planning and management services, for 35 million Australian dollars ($36.6 million).
Wipro, which is based in India, said that by industry estimates, consumer-focused companies spend as much as a quarter of their yearly sales on trade promotions, that is, marketing activities directed at vendors rather than people. Promax is based in Australia, with offices in New Zealand, Japan, Europe and North America.
The deal is expected to close by the end of June. Wipro said the acquisition will help extend its "leadership in analytics and information management services."
Shares slipped 12 cents to $9.65 in midday trading. The stock has traded between $8.63 and $14.38 in the past 52 weeks.