However, the size of the deal was not revealed, but Wipro is likely to pay around $10.2m (Rs 46 crore) as upfront cash payment. The transaction has also been structured based on the earn-outs on achieving the agreed financial targets over a three-year period.
Quantech, which provides computer aided design (CAD) and engineering services was started in 1990 and reported revenues of $12.7m (Rs 57 crore) for the ’05 calendar year. It has centres in US and two in India at Hyderabad and Bangalore with total employee strength of 500.
Wipro has been constantly making acquisitions. The last buyout was cMango for an estimated $20m (Rs 90 crore). It had recently acquired entities like Austrian-based firm NewLogic for $56m (Rs 252 crore) and mPower for $20.8m (Rs 94 crore).
