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India’s Wipro to purchase Finastra companion Encore Theme Applied sciences – FinTech Futures

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Wipro, a $14.4-billion-valued know-how supplier based mostly in India, has introduced it can purchase Encore Theme Applied sciences.

The soon-to-be-bought Chennai-based software-as-a-service (SaaS) and cloud supplier specialises implementation for monetary providers companies.

Encore Theme claims to be one in every of Finastra’s “quickest rising companions”

The acquisition remains to be topic to customary closing situations, but when authorised, it’s anticipated to land earlier than the top of this 12 months.

Extent of Finastra partnership

Within the final ten years, Encore Theme has targeted solely on implementing commerce finance options developed by Finastra, the agency dubbed one of many world’s largest fintechs.

All through this decade, the agency says it has deployed some “75 large-scale” Finastra Commerce Finance tasks to banks throughout the Center East, Africa, India and Asia Pacific.

It claims to be the “quickest rising companion” of Finastra’s in these areas. No financials can be found, each across the deal and round Encore Theme’s current monetary efficiency.

In keeping with Crunchbase, Encore Theme landed an undisclosed non-equity funding from Dubai-based investor DIFC FinTech Hive again in 2018.

Causes for the deal

Wipro calls commerce finance “a robust income technology stream”, and a “excessive value base construction”. These observations level to causes for its acquisition of Encor Theme.

The worldwide commerce finance market hit $63.540 billion in 2019. Estimates say it can hit $79.41 billion by the top of 2026, in line with Valuates Experiences.

However the resilience of the sector, examined by damaged provide chains closed borders and disrupted commerce routes, isn’t the one cause for the deal.

Angan Guha, Wipro’s world head of banking, monetary providers and insurance coverage, says the agency’s “important supply expertise of Finastra options” are one other main cause for the deal.

He particularly cites the implementation of each Finastra’s commerce finance and money administration options.

Based in 2006, Encore Theme has since been headed up by R.Okay. Kanthimathinathan. The businesses didn’t say what is going to occur to the management group at Encore Theme following the transaction.

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