IT major Wipro on Thursday said it will acquire London-based Capco, a global management and technology consultancy providing digital, consulting and technology services to financial institutions, for $1.45 billion.
Capco provides services to financial institutions across Americas, Europe and Asia-Pacific, and its clients include many marquee names in the global financial services industry, Wipro said in a release.
The acquisition will make Wipro one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry.
"By combining Wipro's capabilities in strategic design, digital transformation, cloud, cybersecurity, IT and operations services with Capco's domain and consulting strength, clients will gain access to a partner who can deliver integrated, bespoke solutions to help fuel growth and achieve their transformation objectives," it said.
Capco has an experienced executive team and over 5,000 business and technology consultants based across more than 30 global locations. Over the past 20 years, the company has worked closely with business leaders, including boards and C-Suites in the banking, capital markets, wealth, asset management and insurance sectors.
Capco "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 services clients in the energy and commodities trading sector", it said.
The acquisition will be subject to regulatory approvals and other closing conditions, and is expected to close in the quarter ending June 30, 2021.
"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," Wipro CEO and Managing Director Thierry Delaporte said.
Capco CEO Lance Levy said the companies will together offer bespoke transformational end-to-end solutions to create a new leading partner to the financial services industry. "We look forward to leveraging the complementary capabilities and similar cultures of both companies to drive industry change and offer exciting opportunities for both our clients, and our people."