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Atco Ltd forms strategic alliance with Wipro


Thursday, 17 Jul 2014 04:15pm EDT 

Atco Ltd:Enters into strategic alliance with global information technology (IT) leader, Wipro Ltd.This alliance builds on ATCO's existing 5 year relationship with Wipro and will provide ATCO with IT solutions and support services globally for all of its companies.Wipro is global information technology, consulting and business process services company.ATCO and Wipro have agreed to enter into series of Master Services Agreements for a period of 10 years that will see Wipro provide the complete suite of IT services to ATCO.Transaction provides for continuity of employment for existing ATCO I-Tek personnel who will continue to support the IT needs of ATCO as employees of Wipro.Wipro has experience in delivering IT solutions across a variety of industries around the world and is well suited to meeting ATCO's global technology needs.Wipro will also acquire all shares of ATCO I-Tek, including current contracts and employees, as well as assets of ATCO I-Tek Australia as valuable resources to provide IT services ATCO requires and to serve as launching point for Wipro's expansion in Canada and Australia.ATCO I-Tek will continue to operate as subsidiary under Wipro.Sale is expected to close in third quarter of 2014.Aggregate proceeds from sale are expected to be about C$210 mln. 

Company Quote

45.58
-0.38 -0.83%
4:00pm EDT