Wipro has announced it has signed a definitive agreement to acquire US-based SAP consultancy business Rizing for $540 million.

The move will significantly expand Wipro’s range of capabilities in helping businesses “transform into intelligent enterprises,” it said in an announcement, with Rizing to form an extension of Wipro’s SAP Cloud practice and FullStride Cloud Services.

The move is the latest in a string of acquisitions by Wipro, as the global IT services firm ploughs on with its growth plans. Rizing adds expertise and SAP consulting capabilities in enterprise asset management, consumer industries, and human experience management, which Wipro says will help the business tackle the most complex SAP transformations.

“We are thrilled to welcome the Rizing team to the Wipro family,” commented Thierry Delaporte, Chief Executive Officer & Managing Director, Wipro Limited. “Rizing’s complementary consulting capabilities and strong client relationships will significantly boost our existing offering, creating one of the most differentiated SAP services in the marketplace. Together, we will be able to expand our presence in high-growth industry sectors.”

Headquartered in Stamford, Connecticut, Rizing has more than 1300 employees based in 16 countries across North America, Europe, Asia, and Australia.

As part of Wipro, the pair’s freshly combined offering will aim to help clients find unique business opportunities and competitive advantages through SAP cloud implementations. It will also help Wipro expand its position in oil & gas, utilities, manufacturing, and consumer industries, the firm added.

“Our clients’ digital transformation needs are rapidly evolving, and they are turning to us to help them become intelligent enterprises,” said Rajan Kohli, President of Wipro’s iDEAS (Integrated Digital, Engineering and Application Services) business.

“Rizing’s domain expertise, combined with our cloud and digital solutions, will allow us to help clients unlock new value and build agile businesses for a new era of digitalisation.”

Once the acquisition is complete, Rizing will operate as Rizing, a Wipro company, under the leadership of company CEO Mike Maiolo.

“This is the next phase of growth for Rizing. With Wipro’s backing, we will be able to enhance the value we deliver to our current clients and bring our differentiated offering to a broader universe of businesses,” Maiolo said.

“Combining the two firms will allow us to scale our services and expand our footprint in the market. We are thrilled to join a company that shares our values and vision, enabling us to grow in new strategic areas.”