Wipro snaps up Encore

Wipro signed a definitive agreement to buy Encore Theme Technologies Private Limited (Encore Theme), a specialist in providing SaaS and Cloud stuff in financial services.

Over the past decade, it’s claimed, Encore Theme has spent its time and energy  e implementing a suite of Trade Finance solutions, developed by Finastra. It has delivered  stuff to over 75 large scale Finastra Trade Finance projects for banks across these regions. Its customers are not detailed, but we guess you know who you are.

Financial institutions are all looking to change their trade platforms. Trade Finance is a strong revenue generation stream with a high cost base structure, where technology will play a big part in driving future growth.  Interpreting this sentence is difficult but we think it means it costs a lot.

Wipro Senior Vice President and Global Head, Banking, Financial Services & Insurance, Angan Guha said: “We are excited to have the team at Encore Theme join us. They [sic] bring a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro’s reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions.”

Finastra Denise Parker SVP said: “On completion, this move will combine Wipro’s global managed services capabilities with Encore Theme’s deep domain trade and cash management expertise. It will drive value for customers via Finastra’s software, like Fusion Trade Innovation, which is amongst the world’s leading trade finance products, enabling banks to drive efficiencies and to reduce cost.”