Wipro To Acquire Capco For $1.45 Bn This acquisition has been said to make Wipro one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry
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Global information technology consulting and business process services company Wipro Limited on Thursday announced that it has signed an agreement to acquire Capco, a global management and technology consultancy providing digital, consulting, and technology services to financial institutions in America, Europe, and the Asia Pacific.
London-headquartered Capco's 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.
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.
"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," said Thierry Delaporte, chief executive officer, and managing director, Wipro Limited.
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 company asserted.
"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," added Lance Levy, chief executive officer, Capco.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021.
