Bangalore: Software major Wipro limited on April 24 announced that it has entered into a definitive agreement to acquire NerveWire, a Newton, Massachusetts based business and IT consulting company, for about $ 18.7 million in cash.

Wipro said it expects the transaction, subject to adjustments, to be completed in the quarter ending June 2003.

NerveWire Inc, which is serving financial services clients, has a team of over 90 domain experts and IT consultants primarily in the USA. It addresses clients in the security services, private client, trading/investment management, banking, insurance and high tech industries.

According to a Wipro statement, NerveWire brings to Wipro more than 40 client relationships with over 20 active engagements.

Commenting on the acquisition, Wipro Technologies president Girish Paranjpe said the team of 90 plus consultants from NerveWire bring in deep domain knowledge and strong customer relationships. "We believe this acquisition will be a strong catalyst for growth by creating better customer value."

The closing of the transaction is subject to customary conditions and regulatory approvals, the statement said.

PTI