Wipro Technologies on Friday announced the acquisition of US-based Science Applications International Corporation (SAIC)’s global oil and gas information technology practice for $150 million. The all-cash deal will boost the firm’s energy, natural resources and utilities business unit and guide the ‘upstream’ revenue mix of the unit from 5% currently to 17.5%.
The oil and gas IT practice provides consulting, system integration and outsourcing services to global oil majors and has domain capabilities in the areas of Digital Oil Field, Petro-technical Data Management and Petroleum Application Services addressing the upstream segment. In the oil and gas industry, upstream involves exploration and production while downstream includes retail and distribution. The upstream market is expected to touch $19 billion by 2013 with many oil companies looking at rationalizing cost through IT.
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