Wipro Ltd has informed that the Company has entered into a definitive agreement on September 27, 2007 to acquire Oki Techno Centre (Singapore) Pte Ltd over a period of one year. The Target Company is based out of Singapore and is focused on wireless design in the areas of RF (Radio Frequency) and Baseband.
In this regards the Company has issued the following Press Release:
Oki Electric Industry Co. Ltd. and Wipro Technologies, the global IT services arm of Wipro Ltd on September 27, 2007 has announced their strategic partnership in the area of design services for the semiconductor market. As part of this partnership, Wipro has signed a definitive agreement to acquire Oki Techno Centre Singapore Pte. Ltd (OTCS) including its own Intellectual Property Rights in an all cash deal over a period of one year. Wipro will also establish a dedicated Development Centre for OKI.
OTCS is a wholly owned subsidiary of OKI focused on wireless design and has demonstrated innovative capabilities in RF (Radio Frequency) and baseband design. OTCS is a 40 member center with SGD 8.8 M as the revenues of the fiscal year ended March 31, 2007. The Company has key customers in Japan in product engineering space.
The development center set up by Wipro will enable OKI to utilize design resource efficiently and enhance product development capabilities. This will enable OKI to expand its semiconductor business and increase its competitive edge in designing semiconductor products in the global market.
OKI has been enhancing its design and development skills to respond to more complex and sophisticated LSIs. We have been looking for a global partner to improve our efficiency in semiconductor design through outsourcing, as we focus on improving our core designing capabilities, said Masahiko Morioka, President or Silicon Solutions Company at Oki Electric industry. The capability at Wipro will enable OKI to provide high-quality technologies and products to its customers in a timely manner.
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