The deal will help Wipro become a major provider of consulting, digital, cloud, and transformation services to the banking and financial services industry
Indian IT company Wipro has agreed to acquire Capco, a UK-based digital transformation consultant for the financial services industry, for a sum of $1.45bn.
Founded in 1998, Capco caters to financial institutions in the Americas, Europe, and the Asia Pacific region with digital, consulting, and technology services.
Its client portfolio is said to comprise over 100 global organisations.
The company is engaged in speeding up the digital initiatives for businesses across banking and payments, wealth and asset management, capital markets, insurance, and the energy sectors.
In late 2020, Capco acquired andiron, a Swiss digital and technology delivery consultancy. Andiron serves Swiss banks, financial technology providers, and firms in the financial services sector with its transformational solutions and services.
Currently, Capco has a workforce of more than 5,000 business and technology consultants based across more than 30 global locations.
Capco CEO Lance Levy said: “We are incredibly excited to join our new colleagues at Wipro. 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.”
By acquiring the UK firm, Wipro aims to become a major provider of integrated, end-to-end consulting, digital, cloud, and transformation services to banking and financial service firms.
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 complementary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home.”
Subject to regulatory approvals and customary closing conditions, the deal is expected to close in the quarter ending 30 June 2021.