Wipro said on Thursday that it had reached an agreement to buy 20-year-old British tech consultancy firm Capco for $ 1.45 billion as Indian consultancy giants look to win clients in Europe and Asia.
The Indian firm, which identifies the US as its largest market, said it expects to close the deal pending regulatory approvals by the end of June.
London-headquartered Capco’s clients include “several marquee names” in the global financial services industry, including “boards and C-suits” in the banking, capital markets, wealth and asset management and insurance sectors, the Indian firm said Admission (PDF) for the stock exchange in the country.
Privately held firm Capco, which raised About $ 80 million 20 years before investors, “is widely acknowledged for its deep domain and consulting expertise, risk and regulatory offerings and thought leadership around key industry technology challenges and opportunities. In addition, Capco is in the energy and commodities business sector Serves customers.
“Together, we can provide high-end consulting and technology transformation, and operations offerings to our clients. Wipro and Capco share complimentary business models and core guiding values, and I am confident that our new Capco partners will be proud to call Wipro home, ”said Wipro CEO and Managing Director Thierry Delaporte, who headed the top last year Played the role.
This is a developing story. More to follow…