IT consulting and business process services company Wipro has secured a strategic seven-year engagement valued at 300 million dollars (about Rs 2,165 crore) from private lender ICICI Bank to provide a comprehensive suite of services.
Wipro provides solutions to banks by leveraging Wipro Holmes, the company's artificial intelligence platform. It has a significant presence as an IT services provider in the global banking and financial services sector.
"This engagement will further strengthen our endeavour to provide differentiated technology and digital capabilities to the financial services industry," the company said in a statement.
Currently, Vara lnfotech provides these services to ICICI Bank. As a part of this strategic engagement, Wipro will absorb about 3,800 employees of Vara lnfotech along with its existing contracts, facilities and assets on a going concern basis through a business transfer agreement for an all-cash consideration of Rs 321 crore.
The revenues generated by this business in the last financial year 2018-19 was Rs 221.5 crore. This transaction is expected to be completed during the quarter ending September 30.
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