December 22, 2005 6:59 AM PST
Wipro buys payment software firm
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Wipro on Thursday said it has acquired payment software maker mPower for $28 million. The deal includes acquisition of 100 percent stake in Mpact, a joint venture of MasterCard and mPower, the Bangalore-based Wipro said. The Princeton, N.J.?based mPower has a development center in Chennai. About 300 mPower workers will now work for Wipro. The company said it would now be able to offer services such as application development and maintenance, infrastructure services and package implementation to clients in the financial sector.
"The payments industry is an area where we expect to see rapid growth in the near future, and this acquisition strengthens our capability in the payments arena," Sriram Srinivasan, vice president of banking solutions at Wipro, said in a statement.