With the acquisition of Capco, Wipro is expected to scale its integrated, end-to-end consulting, digital, cloud and IT transformation services offering
Wipro headquarters in Bengaluru, Karnataka, India. (Credit: Rameshng/Wikipedia)
India-based IT and consulting firm Wipro has agreed to acquire Capco, a management and technology consultancy serving financial institutions, for $1.45bn in cash.
Based in London, Capco is engaged in providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific region.
Established in 1998, the company has been working closely with business leaders in banking, capital markets, wealth, asset management and insurance sectors.
It has an experienced executive team and employs more than 5,000 business and technology consultants, working across more than 30 locations worldwide.
Capco CEO Lance Levy said: “We are incredibly excited to join our new colleagues at Wipro. 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.
“We look forward to leveraging the complementary capabilities and similar cultures of both companies to drive industry change and offer exciting opportunities for both our clients and our people.”
The transaction combines Wipro’s design, digital transformation, cloud, cybersecurity, IT and operations services capabilities with Capco’s domain and consulting strength.
Wipro is enabled to become one of the large end-to-end global consulting, technology and transformation service providers serving the banking and financial services industry.
The company is expected to benefit the clients by delivering integrated, personalised solutions to help them enhance growth and meet transformation objectives.
The transaction is expected to be closed in the quarter ending 30 June 2021, subject to customary closing conditions and regulatory approvals.
Wipro CEO and managing director Thierry Delaporte 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.
“Wipro and Capco share complementary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home.”
Last year, Wipro has reached a definitive agreement to acquire Encore Theme Technologies, a specialist in providing SaaS and Cloud solutions in financial services.