In one of its largest acquisitions till date, IT Services giant Wipro has closed a deal to buy British tech consultancy firm Capco for $1.45 billion. The transaction is expected to be complete by the end of June, subject to customary closing conditions and regulatory approvals. Post the deal, Capco will operate as a separate unit, going by the name Capco-A Wipro Company.
A company statement from Wipro said that combining its strategic planning, digital transformation, cloud, and IT services with Capco’s domain and consulting strength will help the former achieve its transformation objectives and further fuel company growth.
“Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients. Wipro and Capco share complementary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home,” said Thierry Delaporte, CEO and Managing Director of Wipro.
Capco is a London based consultancy that provides digital, technology, and consultancy services to the banking and financial services industry. The 20-year-old comprises over 5000 business and technology consultants from over 30 locations spread across the USA, Europe, and Asia-Pacific region. In addition, Capco serves clients in the energy and commodities trading sector.
Speaking of the acquisition, Capco CEO Lance Levy said the company looks forward to leverage complementary capabilities and cultures to drive change and offer exciting opportunities to their joint clientele.
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I am a journalist with a postgraduate degree in computer network engineering. When not reading or writing, one can find me doodling away to my heart’s content.