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June 12, 2006


Richard Newsome

We continue to be reminded of the size, growth and ambition of the leading Indian IT companies. We learned recently that Wipro have bought the Retek specialist Enabler for 41m euros. We work alongside Enabler at Tesco and in some ways the deal is unremarkable - they're relatively small (30m euros turnover) and had been courting possible buyers. However, other factors are worth further consideration. 1. they are a niche company - specialist skills in the retail sector, which indicates that Wipro have detailed sector-level strategies, including acquisitions. 2. it is Wipro's 5th purchase this year. Given the hit rate and long lead time in such deals, this indicates heavy levels of internal investment. 3. they've still got $1bn cash on the balance sheet ! So, I think the message is........expect more of the same !

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