Wipro Technologies signed up a definitive agreement to takeover the Nasdaq-listed Infocrossing Inc in an all-cash transaction for $600 million (around Rs 2,430 crore).

The Nasdaq-listed company, Infocrossing is a US-based source of IT infrastructure management, venture applications and business process outsourcing services. For 12-month ended March 2007, Infocrossing posted earnings of $232.4 million with a net income of $9.3 million and $22.3 million cash on balance sheet.

Annunciating the takeover, Suresh Senapaty, Chief Financial Officer, Wipro Ltd said the company will be paying $18.70 per share that will produce one of the world leaders in back-to-back IT infrastructure management solutions. The attainment is likely to be complete by December 2007.

Sudip Banerjee, president enterprise solutions of Wipro Technologies said, “With its unique Platform based solutions, Infocrossing brings in significant expertise in Health plan and Payer Management segments. With its proven track record of processing over 175 million claims annually and providing contracted services to over 90 managed care organizations, Infocrossing will considerably enhance Wipro`s ADM & BPO offerings to our Healthcare customers.”

Shares of the company closed weak after missing Rs 12.40, or 2.64%, at Rs 457.85. The total volume of shares traded at Rs 259,546 at the BSE. (Monday)