Wipro launches Capco in the Middle East

Capco, a Wipro company, will offer strategic management and technology consulting capabilities to financial services firms in the Middle East to enable their transformation, digitization and business consolidation initiatives.

The technology services and consulting company on 14 December 2022 announced the launch of a new Middle East financial services advisory capability.

Regional macroeconomic trends, including diversification from a petrodollar economy, are driving significant investment in financial services, with a focus on digital innovation, neobanking, post-merger integration and core large-scale transformations. Against this backdrop of change, consulting spend in the Gulf Cooperation Council (GCC) region reached $3.3 billion in 2022 - of which financial services accounted for some 30% - and is expected to grow by 30% year-on-year in the near term, Wipro said in a statement.

Given its expertise in successfully driving transformation programs for tier-one financial institutions globally, Capco is well positioned to tap into the growth opportunities in the region, it added.

The new consulting capability will be led by Naim Alame as its managing partner, Middle East. He joins from Accenture Middle East and has extensive experience in financial services, delivering digital and core transformation programs across top tier banks in this region.

Naim Alame, managing partner - Middle East, Capco said, "The success of Capco's innovative and entrepreneurial approach is recognized across the financial services industry. Capco's bold ideas and value propositions will allow financial services firms in the region to enhance the scope, accessibility, and attractiveness of their offerings to their customers. I look forward to partnering with Middle Eastern clients to design and implement bespoke, strategic programs that will deliver true value and differentiation."

Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.

Wipro's consolidated net profit rose 3.72% to Rs 2,659 crore on 4.7% increase in revenue form operations to Rs 22,539.7 crore in Q2 FY23 over Q1 FY23. On a year on year (YoY) basis, the IT firm's net profit declined 9.27% while revenue jumped 14.6% in Q2 FY23.

Shares of Wipro rose 0.58% to Rs 399.95 on Wednesday, 14 December 2022.

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