The IT major signed an agreement to acquire Capco, a global management and technology consultancy to banking and financial services industry, for $1.45 billion.
London-headquartered Capco is a global management and technology consultancy providing digital, consulting and technology servicesto financial institutions in the Americas, Europe and the Asia Pacific. Its clients include many marquee names in the global financial services industry. Over the past 20 years, the company has worked closely with business leaders, including Boards and C-Suites in the banking, capital markets, wealth, asset management and insurance sectors and is widely acknowledged for its deep domain and consulting expertise, risk and regulatory offerings and thought leadership around key industry technology challenges and opportunities. In addition, Capco services clients in the energy and commodities trading sector.
This acquisition will make Wipro one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry. By combining Wipro's capabilities in strategic design, digital transformation, cloud, cybersecurity, IT and operations services with Capco's domain and consulting strength, clients will gain access to a partner who can deliver integrated, bespoke solutions to help fuel growth and achieve their transformation objectives.
Thierry Delaporte, CEO and managing director of Wipro, said, "We are very excited to welcome Capco's admirable leadership team and employees, and global clients, to Wipro. Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients."
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending 30 June 2021.
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Wipro is a global information technology, consulting and business process services company. It reported 20.37% rise in consolidated net profit to Rs 2,968 crore on a 3.68% increase in revenue to Rs 15,670 crore in Q3 December 2020 over Q2 September 2020.
Shares of Wipro fell 1.57% to currently trade at Rs 431.95 on the BSE.
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