Wipro to acquire management and technology consultancy Capco for $1.4bn
Wipro acquisition of Capco : Wipro has signed a $1.45 billion deal to acquire Capco, a London-based management and technology consultancy that provides digital, consulting, and technology services to the banking and financial services industry.
Capco’s clients are said to be several marquee players in the global financial services sector.
Over the last two decades, Capco is said to have closely worked with business leaders such as C-Suites and Boards in the banking, wealth, asset management, capital markets, and insurance sectors.
According to Wipro, the London-based firm has deep domain and consulting expertise and is known for its risk and regulatory offerings and thought leadership around major industry technology challenges and opportunities.
Additionally, Capco cater to clients across the energy and commodities trading sector.
Capco has more than 5,000 business and technology consultants based across 30 plus global locations.
Through the acquisition, Wipro hopes to become a large end-to-end global consulting, technology, and transformation service provider to the banking and financial services sectors.
Lance Levy – CEO of Capco, commenting on Wipro acquisition 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 combination of the Indian firm’s capabilities in strategic design, digital transformation, cybersecurity, cloud, IT and operations services with the domain and consulting strength of Capco will enable clients to get access to a partner who can provide integrated, customized solutions to help power their growth and meet their transformation goals.
Commenting on Wipro acquisition of Capco, Thierry Delaporte – CEO and Managing Director of Wipro, 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 complementary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home.”
The deal, which is subject to regulatory approvals and customary closing conditions, is anticipated to be wrapped up in the quarter ending 30 June 2021.