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IT services major Wipro has been awarded a $500 million deal by a leading US communication service provider for a period of five years, the company said in a filing to the exchanges.
"Wipro shall provide managed services for some products and industry-specific solutions," the company said.
Wipro did not share any more details on the deal.
When contacted, a Wipro spokesperson said, “This is a five-year contract to provide managed services for select products and industry-specific solutions.” The company has nothing more to share at this stage, the spokesperson added.
Wipro’s communication vertical declined 14.7 per cent year-on-year and contributed 4.2 per cent to the total revenue as of FY24.
Deals or contracts valued at $500 million to $1 billion are crucial for the top-tier IT services firms as they directly impact revenue growth. Wipro’s large deal bookings came in at $1.2 billion in Q4, up 9.5 per cent year-on-year in constant currency.
Srinivas Pallia, the newly appointed chief executive officer (CEO) of Wipro, said during the last earnings call that Wipro’s immediate priority is to accelerate growth. "Accelerating large deal momentum by working closely with clients and partners" is among the five focus areas Wipro will concentrate on, Pallia had outlined during the Q4 earnings.
