India’s Wipro to acquire UK company for $1.45 bn

Indian IT services major Wipro Technologies has made its largest-ever acquisition in the company’s history. In a regulatory filing, the Bangalore-based firm said it has signed an agreement to acquire Capco, a London-based consulting firm, for US$1.45 billion.

The privately-held British firm operates in the banking and financial services space and has a headcount of 5,000, spread over 30 locations in India, the US, UK, France, Germany, Poland, Slovakia, Austria, Poland, Switzerland, Brazil, Singapore, Malaysia and Hong Kong.

Wipro clarified that Capco will operate as a separate unit. The acquisition will be through a cash transaction and is expected to be completed during the quarter ending June 30, 2021, subject to regulatory approvals.

Capco provides digital, consulting, and technology services to the global banking and financial services industry and has a client portfolio of over 100 organizations. It also services clients in the energy and commodities trading sector. Wipro claims that with this acquisition it will be “one of the largest providers of integrated, end-to-end consulting, digital, cloud and IT transformation services at scale.”

Wipro CEO Thierry Delaporte said, “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.”