Wipro to acquire UK-based consultancy Capco for USD 1.45Bn
Published: Mar 04, 2021
By TIOLCORPLAWS News Service
BENGALURU, MAR 04, 2021: LEADING Information Technology (IT) giant Wipro on Thursday announced that it has signed an agreement to acquire Capco, a management and technology consultancy firm for financial institutions in the Americas, Europe and the Asia-Pacific for USD 1.45 billion.
"This 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," said an official statement from the company.
London-headquartered The Capital Markets Company's (Capco) has worked closely with global financial leaders over the past 20 years, providing digital, consulting and technology services. In addition, Capco services clients in the energy and commodities trading sector. It has over 5,000 business and technology consultants based across more than 30 locations.
Mr Lance Levy, CEO of Capco said, "Together, we will offer bespoke transformational end-to-end solutions, now powered by innovative technology at scale, to create a new leading partner to the financial services industry. We look forward to leveraging the complementary capabilities and similar cultures both companies to drive industry change and offer exciting opportunities for both our clients, and our people."
The acquisition is subject to customary closing conditions and regulatory approvals and is
expected to close in the quarter ending June 30, 2021.