Narayan AmmachchiIndian IT services major Wipro has taken control of British firm Capco in a history-making deal that will bolster its chances of winning lucrative contracts in the global financial services industry.
The US$1.45 billion takeover will add financial services consultancy to Wipro’s digital expertise. London-based Capco has employed around 5,000 people across 30 locations around the world.
“Together, we will offer bespoke transformational end-to-end solutions, now powered by innovative technology at scale, to create a new leading partner to the financial services industry,” said Lance Levy, CEO of Capco.
This is the biggest acquisition Wipro has ever made since its founding 30 years ago. Moreover, the acquisition makes the Indian firm “stand-out” in the increasingly competitive IT services market.
Capco offers services primarily in banking, capital markets, wealth and investment management, insurance, finance, risk & compliance. It also has an energy consulting practice in the US.
“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,” the Indian firm stated in a press release.
Wipro has signed an agreement to acquire Capco. This acquisition will make Wipro one of the largest end-to-end global consulting, technology. You need to think about strategies, transformations with CXOs and execute them to make them win.