Wipro has signed an agreement to buy London-based Capco, a global management and technology consultancy, for $1.45 billion.
Capco provides digital, consulting and technology services to financial institutions in the Americas, Europe, and the Asia Pacific.
Announcing the all-cash deal, which ranks among the largest acquisitions by an Indian IT services company Wipro said that Capco will continue to operate as an independent entity as a wholly owned subsidiary of Wipro.
The Wipro-Capco deal is expected to close in June following regulatory approvals. Wipro executives told analysts the transaction is expected to close during the quarter ending June 30, 2021.
“With this deal we are joining select service providers that bring end-to-end consultative, digital cloud, and IT-driven solutions at scale to our customers. This deal will bring scale to Wipro’s BFSI (banking financial services, and insurance) play,” Rishad Premji, chairman, Wipro, said.