Global software major Wipro said on Thursday that it has signed an agreement to acquire the UK-based management and technology firm Capco for $1.45 billion (Rs 10,551 crore) to provide digital, Cloud and IT services to financial institutions in the US, Europe and Asia-Pacific.
"The acquisition will make us one of the largest consulting, technology and service providers to the banking and financial services industry," said the city-based IT behemoth in a statement here. The acquisition is expected to close in the quarter ending June 30, 2021.
London-headquartered Capco's clients include the marquees in the global financial services industry.
Wipro's biggest acquisition
"Capco has 5,000 consultants based in 30 global locations to support clients with their expert insights, entrepreneurial approach and focus on delivery excellence," said the statement.
Over the last two decades, Capco has worked with customers in banking, capital markets, wealth, asset management and insurance sectors. The company also services clients in the energy and commodities trading sector.
Post-acquisition, Capco clients will gain access to Wipro's capabilities to spur growth and achieve transformation objectives.
"Together with Capco, we can deliver consulting and technology transformations and operations offerings to our clients," Wipro Chief Executive Thierry Delaporte said in the statement.
Wipro and Capco share complementary business models and core guiding values.
"With Wipro, we will offer transformational solutions to create a new leading partner to the financial services industry," Capco Chief Executive Lance Levy said on the occasion.
(With inputs from IANS)
