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Wipro takes over London’s tech consultancy firm Capco for $1.45 billion

On Thursday, IT software major Wipro Ltd confirmed signing an agreement to acquire Capco for $1.45billion.

Capco is a global management and technology consultancy firm headquartered in London.

It renders digital, consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific.

The acquisition will mark Wipro as one of the largest end-to-end global consulting, technology and transformation service providers.

Moreover, this is the largest ever acquisition the company has made so far.

Capco has an experienced executive team and over 5,000 world-class business and technology consultants.

They are spread across 30 global locations supporting clients through their expert insights, entrepreneurial approach and focus on delivery excellence.

In addition, Capco offers services to clients in the energy and commodities trading sector.

Banking and financial services represent around 30 percent of the overall revenue for Wipro.

This will further enhance the company’s position and growth in this segment.

The aim is to combine Wipro’s capabilities with strategic design, digital transformation, IT and operations services with Capco’s domain and consulting strength.

This will help clients gain access to a partner who can deliver integrated, bespoke solutions to accomplish their transformation objectives.

Under the new leadership, Wipro is increasingly chasing clients in Europe and Asia as well.

Last year, the firm also bagged orders from European clean energy firms Fortum and E.On.

The company acquired it’s client Metro AG’s IT unit in December 2020 with the deal value worth $700 million.

However, the acquisition is expected to close in the quarter ending June 30.

Moving forward, NSE recorded the company’s scrip closing at Rs 439.00 per share, up 0.8 per cent on Thursday.

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