Wipro to buy Capco for $1.45 Billion

Wipro announced its plan to acquire technology consulting firm Capco for $1.45 Billion. 

Headquartered in London, Capital Markets Company (Capco) offers digital, consulting, and technology services to financial sectors in the Americas, Europe, and the Asia Pacific. The company also serves the energy and commodities trading sector, clients.

CEO and Managing Director of Wipro Limited, Thierry Delaporte, 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."

CEO of Capco, 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."

The acquisition once completed will help Wipro become one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry, notes the announcement.

Note that the banking and financial services industry is one of the highest revenue-generating sectors for Indian IT services companies.

The acquisition is expected to complete in June 30, 2021, ending the quarter.