Wipro Technologies and Citigroup Inc (Citi), the leading global financial services company, have reached an agreement for Wipro to acquire Citi Technology Services Ltd., the India-based captive provider of information technology services and solutions to Citi entities worldwide, for an all cash consideration of approximately US$127 million.

As part of the transaction, Wipro and Citi will sign a Master Services Agreement for the delivery of technology infrastructure services and application development and maintenance services for a period of six years.

Based in Mumbai and Chennai, Citi Technology Services provides IT services to Citi and its affiliates around the world. Citi Technology Services has grown tremendously since its

inception in 2005, and today has approximately 1,650 employees trained in Citi processes and technologies, servicing Citi businesses in more than 32 countries. Citi Technology Services’ revenues are expected to be approximately $80 million in CY2008. Apart from strong competencies in TIS, Citi Technology Services has expertise in ADM for

Cards, Capital Markets and Corporate Banking.

Don Callahan, Chief Administrative Officer, Citi said , “This sale was the result of a thorough process to ensure we were partnering with the right company for our businesses and our clients . Wipro, with its wide range of services, extensive experience and broad global presence can play a significant role in meeting Citi’s objectives of productivity improvement, while our Citi Technology Services employees will join a larger information technology organization with additional third party growth opportunities. This transaction is consistent with our efforts to improve our operating leverage while we focus on our core banking competencies.”