Wipro stated on Thursday it has reached an settlement to purchase 20-year-old British tech consultancy agency Capco for $1.45 billion as the foremost Indian software program exporter appears to win prospects in Europe and Asia.
The Indian agency, which identifies U.S. as its largest market, stated the 2 corporations share “complimentary enterprise fashions” and expects the deal to shut by the tip of June.
London-headquartered Capco’s shoppers embody “many marquee names” within the world monetary providers trade together with “Boards and C-Suites” within the banking, capital markets, wealth and asset administration and insurance coverage sectors, the Indian agency stated in a submitting (PDF) to the inventory alternate within the nation.
Privately-held agency Capco, which employs about 5,000 individuals and had raised about $80 million from traders 20 years in the past, is “extensively acknowledged for its deep area and consulting experience, threat and regulatory choices and thought management round key trade know-how challenges and alternatives. As well as, Capco providers shoppers within the vitality and commodities buying and selling sector,” the 2 corporations stated in a joint press launch.
“Collectively, we are able to ship high-end consulting and know-how transformations, and operations choices to our shoppers. Wipro and Capco share complimentary enterprise fashions and core guiding values, and I’m sure that our new Capco colleagues shall be proud to name Wipro house,” stated Thierry Delaporte, CEO and Managing Director of Wipro, who assumed the highest function final 12 months.
Delaporte changed Abidali Neemuchwala, who led the corporate for 4 years and fell wanting delivering Wipro’s goal of turning into a $15 billion agency by 2020. The corporate’s income on the finish of March final 12 months was $8.1 billion.
Beneath the brand new management, Wipro is more and more chasing shoppers in Europe and Asia. The agency final 12 months landed orders from European clear vitality corporations Fortum and E.On. It has publicly acknowledged that it is usually trying to purchase corporations.
“Collectively, we are going to supply bespoke transformational end-to-end options, now powered by revolutionary know-how at scale, to create a brand new main companion to the monetary providers trade. We look ahead to leveraging the complementary capabilities and comparable cultures of each corporations to drive trade change and supply thrilling alternatives for each our shoppers, and our individuals,” stated Lance Levy, CEO of Capco, in an announcement.