Wipro signs off on $1.45bn acquisition of Capco
Indian software giant Wipro is acquiring UK technology consultancy Capco in a $1.45 billion deal.
Wipro is looking to expand its presence in Europe and Asia, away from its primary US market. It says it shares complimentary business models with London-based Capco.
The Indian firm reckons the deal places it as one of the largest “end-to-end global consulting, technology and transformation service providers” in the financial services industry.
It adds a combination of the two creates a partner who can deliver “integrated, bespoke solutions to help fuel growth.”
The deal is expected to close at the end of June, subject to regulatory requirements.
“We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro,” says Wipro CEO Thierry Delaporte.
“Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients.
“Wipro and Capco share complimentary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home.”
Lance Levy, CEO of Capco, says the two firms can create “a new leading partner to the financial services industry.”
He adds: “We look forward to leveraging the complementary capabilities and similar cultures of both companies to drive industry change.”
Capco is another marker in Wipro’s Asian expansion, which recently saw it buy up Finastra partner Encore Theme Technologies.