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Story URL: http://www.silicon.com/financialservices/0,3800010322,39155261,00.htm

Wipro pays $28m for payment software firm mPower
Moves into financial services...

By Dinesh C Sharma

Published: Friday 23 December 2005

Wipro has acquired payment software maker mPower for $28m. The deal includes acquisition of 100 per cent stake in Mpact, a joint venture of MasterCard and mPower, the Bangalore-based Wipro said.

The Princeton, New Jersey-based mPower has a development center in Chennai. About 300 mPower workers will now work for Wipro.

The Indian IT outsourcing company said it would now be able to offer services such as application development and maintenance, infrastructure services and package implementation to clients in the financial sector.

"The payments industry is an area where we expect to see rapid growth in the near future, and this acquisition strengthens our capability in the payments arena," Sriram Srinivasan, vice president of banking solutions at Wipro, said in a statement.

Dinesh C Sharma writes for CNET News.com