Wipro to buy UK tech consultancy firm Capco for $1.45 billion
05 Mar 2021
Wipro Ltd has agreed to buy UK-based Capco, a technology consulting firm for banking and financial services industry, for $1.45 billion, as India’s third largest IT service provider looks to expand its customer base in Europe and Asia.
London-headquartered Capco has, over the past 20 years, 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. Its clients include many marquee names in the global financial services industry.
Capco has an experienced executive team and over 5,000 business and technology consultants based across more than 30 global locations supporting clients through their expert insights, entrepreneurial approach and focus on delivery excellence.
This 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. 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.
“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,” Thierry Delaporte, CEO and managing director of Wipro Limited, 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,” Lance Levy, CEO of Capco, said.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending 30 June 2021.
Wipro said the two companies share “complementary business models” and expects the deal to close by the end of June.