Indian IT giant Wipro has agreed to acquire InfoSERVER, a provider of custom application development and software deployment services to banks, financial institutions and insurance firms, for $8.7m.

Sao Paolo-based InfoSERVER launched operations in 1995 and is focused on the Brazilian market.

Wipro expects the acquisition to strengthen its presence in the country’s traditional banking, financial services and insurance market as well as add domain and process knowledge on the sector.

Wipro already has a Latin American (LATAM) presence, with offices in Argentina, Brazil, Chile, Colombia as well as Mexico.              

Wipro vice president and head of new growth and emerging markets Ankur Prakash said: “The LATAM market and Brazil in particular is a strategic growth and investment region for Wipro. This acquisition will provide Wipro with scale and key client relationships, especially in the banking, financial services and insurance domains, which are the largest and fastest growing sectors in the region.”

InfoSERVER vice president and head of sales and operations Fabiano Funari added: “Wipro and InfoSERVER will combine strong local domain knowledge with technological breadth and global experience to help clients achieve their desired outcomes. Wipro’s global client base, delivery expertise and scale will help us expand our reach and offerings.”