Bengaluru-based IT services major Wipro has acquired Capco, a consultancy firm in banking and financial services space, for $1.45 billion.
This is by far the largest ever acquisition the company has made.
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 over 5,000 employees in over 30 locations globally. This is a cash transaction and is expected to be completed during the quarter ending June 30, 2021, and is subject to requisite regulatory approvals and customary closing conditions.
The other acquisitions include Salesforce-partner 4C based in Belgium for $79 million and Brazilian information technology firm IVIA Servios 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 in a statement, “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.”