Wipro said on Thursday it has reached an agreement to buy 20-year-old British tech consultancy firm Capco for $1.45 billion as the Indian consultancy giant looks to win customers in Europe and Asia.
The Indian firm, which identifies U.S. as its biggest market, said it expects to close the deal — pending regulatory approvals — by the end of June.
London-headquartered Capco’s clients include “many marquee names” in the global financial services industry including “Boards and C-Suites” in the banking, capital markets, wealth and asset management and insurance sectors, the Indian firm said in a filing (PDF) to the stock exchange in the country.
Privately-held firm Capco, which had raised about $80 million from investors 20 years ago, 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,” the two firms said in a joint press release.
“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,” said Thierry Delaporte, CEO and Managing Director of Wipro, who assumed the top role last year.
This is a developing story. More to follow…
