Capco’s 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
Wipro is all set to acquire UK-based IT consultancy firm for financial institutions Capco for $1.45 billion.
London-headquartered Capco’s clients include many renowned 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 and 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.
Capco serves banking and financial institutions across the Americas, Europe and Asia-Pacific regions, Capco has an experienced executive team with over 5,000 employees across the globe including India, US, UK, France, Germany, Poland, Slovakia, Austria, Poland, Switzerland, Brazil, Singapore, Malaysia and Hong Kong.
‘The firm will operate as a separate unit (Capco – A Wipro Company)’, the IT services major said.
With the acquisition, Wipro claims to be “one of the largest providers of integrated, end-to-end consulting, digital, cloud and IT transformation services at scale,” the company stated. 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 IT services firm further stated.
Thierry Delaporte, CEO and Managing Director of Wipro Limited said, “ 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.”
Lance Levy, CEO of Capco 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.” The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021 via cash.
Recently, the IT services firm joined the Partnering for Racial Justice in Business initiative launched by the World Economic Forum to promote a culture of diversity, inclusion, equity and justice for people of all racial backgrounds in the workplace.
The initiative is aimed towards driving action and accountability for companies to confront racism at a systemic level, set new global standards for racial justice in business and accomplish necessary policy changes for the inclusion and advancement of professionals with under-represented racial and ethnic identities.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021.
