Wednesday, August 13, 2008

Wipro completes Gallagher buyout

WIPRO TECHNOLOGIES has completed the acquisition of US-based GALLAGHER FINANCIAL SOLUTIONS(GFS),which brings into fold around 100 people among with technology solutions focused on the loan organization market.Without disclosing the value of the deal,a WIPRO SPOKESPERSON said GFS is a provider of loan origination and processing systems through it's NETOXYGEN product.It has a client base among several large and mid tier banks in the US.GFS will be integrated with the financial services vertical of WIPRO TECHNOLOGIES and will be called WIPRO GALLAGHER SOLUTIONS .The acquisition was done during the first quarter of the current fiscal.The combination of the two companies will seen integrated delivery of technology and services for the loan origination market.GFS is a two decade-old company having a single key investor.

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