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Wipro Buys Telecom Design Firm

The company will pay about $32 million.
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(WIT) - Get Wipro Limited Report

continued its buying spree on Thursday, announcing it will buy Finland-based

Saraware Oy

for about $31.7 million.

Saraware Oy provides design and engineering services to telecommunications companies. The company's expertise includes radio networks and secure mobile platforms.

The all-cash deal includes an upfront payment and debt takeover, and earnouts if financial goals are met in an 18-month period.

In a statement, Ramesh Emani, president of product-engineering services for Wipro, said the acquisition gives the company a presence in Finland and the Nordic region, a hub for wireless infrastructure companies.

"We need near-shore development centers, as we take up more complex and end-to-end engagements with our customers," Emani said. "In addition, this acquisition brings niche skills in development of base station controllers and mobile communication platforms."

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He said the pick-up will give the company the ability to handle complete outsourcing deals in GSM, 3G and Tetra markets.

The transaction is expected to close in a month.

Saraware Oy is the second design firm Wipro has

snapped up in a month. In May, the Indian IT services company bought

Quantech Global Services

. And just last week,

Wipro paid $52.5 million for


, a European IT services and consulting business for the retail sector.

Wipro shares sank 6.5%, or 74 cents, to $10.61, on another down day for the market.