Wipro to amass UK-based consultancy Capco for $1.45 billion
Information technology major Wipro announced Thursday that it had signed an agreement to acquire Capco, a privately held UK consulting firm, for $ 1.45 billion
London-based Capco serves financial institutions across the Americas, Europe and the Asia-Pacific region, Wipro said in a statement to stock exchanges in India.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ended June 30, 2021.
Capco customers include many brand names in the global financial services industry. For the past 20 years, the company has worked closely with business executives, including boards and c-suites in the banking, capital markets, wealth, asset management and insurance offerings and thought leaders on key technology challenges and opportunities in the industry.
“This acquisition will make Wipro one of the world’s largest end-to-end providers of consulting, technology and transformation services for the banking and financial services industries,” the company said in a listing on the stock exchange.
“We are very excited to welcome the admirable leadership team and employees from Capco and global customers to Wipro. Together we can offer our customers high-end consulting and technology transformations as well as operational offers. Wipro and Capco share free business models and core values and I am sure that our new Capco colleagues will be proud to call Wipro at home, ”said Thierry Delaporte, CEO and Managing Director of Wipro.
On Thursday the company’s price ended at Rs 439.00 apiece, an increase of 0.8 percent over NSE
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