Wipro gains on winning 500 million, 10-year deal

Wipro rose 1.37% to Rs 270.90 after the company announced that it has won a ?500 million, 10-year strategic deal with Phoenix Group, the UK's largest long-term savings and retirement business.

The project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group's operational transformation. Under the terms of the deal, Wipros existing FCA-regulated entity, Wipro Financial Outsourcing Services (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Groups ReAssure customers. These services will encompass policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, as well as platform technologies.

As part of the engagement, Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, automation, cloud, and digital transformation technologies. Wipro will also strengthen its UK presence by establishing additional technology and operational service hubs. These hubs will be supported by a team of experts from both Phoenix Group and Wipro, who will work collaboratively. As part of this transformational initiative, a number of Phoenix employees will transition to Wipro.

Wipro is a leading technology services and consulting company. The IT major's consolidated net profit grew 4.51% to Rs 3,353.8 crore while revenue from operations increased 0.08% to Rs 22,318.8 crore in Q3 December 2024 over Q3 December 2023.

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