India-headquartered global systems integrator Wipro is set to dramatically enhance its presence in the financial and banking sector after striking a deal to acquire technology consultancy firm Capco for US$1.45 billion.
Headquartered in London, Capco specialises in providing technology and management consultancy services aimed largely at driving digital transformation in the financial services industry.
Along with a substantial presence in North America and Europe, the global technology consulting provider also has a firm standing in the Asian market, with offices in India, Thailand, Malaysia, Hong Kong and Singapore.
Along with at least two decades of servicing the banking, capital markets, wealth, asset management and insurance sectors, Capco also serves clients in the energy and commodities trading sector.
The company claims over 5000 business and technology consultants across more than 30 global locations.
“We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro,” Wipro CEO and managing director Thierry Delaporte said. “Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients.
“Wipro and Capco share complimentary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home,” he added.
Wipro claims the acquisition deal will see it become one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry.
From the Indian multinational’s perspective, the combination of its own capabilities in strategic design, digital transformation, cloud, cyber security, IT and operations services and Capco’s domain and consulting strength will see the combined entity able to deliver integrated, bespoke solutions to help fuel growth and achieve transformation objectives for customers.
“We are incredibly excited to join our new colleagues at Wipro,” Lance Levy, Capco CEO, said. “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,” he added.
The acquisition remains subject to closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021.
The deal comes as Wipro reveals plans to launch a new division dedicated to Cisco technologies as it leverages gold-certified partner expertise to develop end-to-end digital solutions.
The so-called Cisco Business Unit will incorporate intent-based networking, digital workplace virtualisation and hybrid cloud solutions, in addition to application modernisation, security and enterprise 5G offerings.