Information Technology services major Wipro Ltd said on Thursday it would buy privately-held British consultancy firm Capco for $1.45 billion.
The London-headquartered The Capital Markets Company (Capco) is a management and technology consultancy firm that provides digital, consulting, and technology services to the global banking and financial services industry.
This acquisition, the company said in a statement, will strengthen Wipro’s position as a consulting and IT services provider to the Banking, Financial Services and Insurance (BFSI) sector, and will provide access to marquee BFSI clients and create a large global financial services practice for Wipro with a strong consulting footprint.
Banking and financial services account for about 30 percent of the overall revenue for the firm and will help strengthen the company’s position in this space.
Capco has an experienced executive team and over 5,000 world-class business and technology consultants based across more than 30 global locations supporting clients through their expert insights, entrepreneurial approach and focus on delivery excellence.
The other acquisitions include Salesforce-partner 4C based in Belgium for $79 million and Brazilian information technology firm IVIA Servos de Informatica Ltda for $22.4 million. In October, the company acquired engineering services firm Eximius Design for $80 million.
In November, the company acquired Encore Theme Technologies Private Ltd, a software-as-a-service (SaaS) and cloud solutions provider in financial services, for a value of up to $13 million (Rs 95 crore).
In addition, the company also took over its client Metro AG’s IT unit in December 2020 with the deal value of over $700 million.
Thierry Delaporte, CEO and Managing Director of Wipro Limited said, “We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro. 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.”
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. 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.