Wipro to acquire UK-based consultancy Capco for $1.45 billion

Information Technology major Wipro on Thursday said that it has signed an agreement to acquire Capco, a privately held British consultancy, for $1.45 billion

London-based Capco serves financial institutions across the Americas, Europe and Asia-Pacific regions, 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 ending June 30, 2021.

Capco’s clients include many marquee names in the global financial services industry. Over the past 20 years, the company has 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. 

"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," the company said in an exchange filing.

“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 said.

On Thursday, the company's scrip ended at Rs 439.00 a piece, up 0.8 per cent on NSE