Bengaluru-headquartered IT services major Wipro Limited on Thursday announced that it has signed an agreement to acquire Capco, a global management and technology consultancy to the banking and financial services industry, for USD 1.45 billion.
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, a Wipro statement said.
"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 statement said.
Capco provides digital, consulting and technology services to financial institutions in the Americas, 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.
It is widely acknowledged for its deep domain and consulting expertise, risk and regulatory offerings and thought leadership around key industry technology challenges and opportunities.
In addition, Capco services clients in the energy and commodities trading sector, the statement said.
Capco has an experienced executive team and over 5,000 business and technology consultants based across more than 30 global locations supporting clients through their expert insights, entrepreneurial approach and focus on delivery excellence, according to Wipro.
CEO and Managing Director of Wipro Limited, 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."
CEO of Capco, Lance Levy, said, "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."
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021, it was stated.
