Wipro Technologies, the IT Services arm of Wipro Limited, has signed an agreement to acquire the Austrian firm NewLogic in an all cash deal. Wipro will pay approximately Euro 47 Mn to acquire 100% stake in privately held NewLogic. The consideration includes cash payment on closure of the transaction as well as earn outs on achieving targeted financial conditions over a 3 year period. NewLogic's estimated 2005 revenues is Euro 14 Mn. NewLogic is a semiconductor design services company with intellectual property (IP) cores for Wireless LAN and Bluetooth. Wipro gains 120 specialists through this acquisition, strengthening its ability to provide proven semiconductor IP cores and complete System-on-chip solutions with digital, analog mixed signal and RF design services. Hans-Peter Metzler, CEO of NewLogic will head the new business unit and focus on addressing the growing customer needs for innovative SoC solutions.