Shares of RiT Technologies (Nasdaq:RITT) are spiking 32.39% to $1.40 in morning trading Monday following the company’s announcement that it has signed an MOU with Wipro Ltd. (NYSE:WIT). The move comes on a big volume too with the thinly traded issue currently trading more than 2 million shares, compared to the average volume of 25K shares.
Under the agreement, the parties will cooperate in identifying relevant projects in India and customizing their integrated solutions for projects, to maximize their business in India.
The cooperation between RiT and Wipro seeks to address challenges faced by IT departments in dynamic, complex and geographically distributed environments, along with the rising demand for bandwidth, storage and computing power with limited space and resources.
- The RiT IIM solution provides complete visibility and control of all network physical components, optimizes service allocation to equipment and automates MACs, saving IT departments considerable resources and maintenance time.
- In addition, RiT’s IIM solutions enable IT managers to detect points of failure, prevent downtime and improve network output. It also adds an extra layer of security, protecting mission critical communications networks by guarding from unauthorized connects and disconnects.
RiT is forming this partnership as a result of the growing demand in India for innovative IT solutions. IT spending in India is projected to reach a total of $73.3 billion in 2015, a 9.4 percent increase from the $67.1 billion forecast for 2014, according to Gartner.