CoBe Capital completes the acquisition of Wipro Technologies Oy, the Finnish R&D and IT services subsidiary of Wipro Technologies
August 1, 2011

Rovaniemi, Finland – CoBe Capital, a global private investment firm focused on the acquisition and management of non-core business units from large corporations, is pleased to announce the acquisition of Wipro Technologies Oy, Finland-based subsidiary of Wipro Technologies. CoBe Capital renamed the business Crelint Oy upon close. Terms of the transaction were not disclosed.

Headquartered in Rovaniemi, Finland, Crelint provides R&D and IT services to customers in the telecommunications and enterprise IT solutions space. With approximately 190 employees across eight locations in Finland, Crelint will re-embark as a stand-alone business unit.

“We are excited to add Crelint to our portfolio. With close collaboration among the Wipro, CoBe Capital and Crelint management teams, we all worked hard to bring this deal to consummation to ensure the best outcome for all stakeholders,” said Neal Cohen, Founder and Managing Director at CoBe Capital. “We believe that we can leverage the company's resources to provide broader information technology services to enterprises in Finland and the broader European marketplace.”

Darren McKenzie Chaffee and Thomas Kermorgant led the transaction on behalf of CoBe Capital. Mr. Chaffee and Mr. Kermorgant will serve as directors and will work closely with Crelint's current management to expand the company's offerings and drive expansion in Finland and other European markets. Risto Niva will be appointed the President of the company.

As is typical with CoBe Capital's transactions with large corporations, CoBe Capital has secured a long-term ancillary agreement to work with Wipro both as a vendor and as a customer.

Wipro will continue to serve Finnish customers by leveraging its branch operations in Finland and its global centers.

About CoBe Capital
CoBe Capital, a global private investment firm with a permanent capital base and operations in North America and Europe, delivers M&A solutions to meet the specific needs of corporate sellers looking to divest non-core operations. CoBe Capital owns and operates a diversified portfolio of companies that design, manufacture and market innovative products and services. Each of its portfolio companies strives to achieve long-term growth based on lean and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994. For more information on CoBe Capital, please visit www.cobecapital.com.

About Wipro Technologies
Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology” – helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation and an organization wide commitment to sustainability, Wipro Technologies has 120,000 employees and clients across 54 countries. For more information, please visit www.wipro.com.

Media Contact
Darren Chaffee, Tel. +1 (212) 338-0235 x1113, Email dchaffee@cobecapital.com

BACK TO 2011 ARTICLES