Wipro is acquiring Capco, a global management and technology consulting company that has over 5,000 employees across more than 30 global locations. The purchase price: $1.45 billion. The business valuation based on profit and revenue multiples was not disclosed.
This is deal number 158 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Capco was founded in Belgium in 1998. The company, originally known as The Capital Markets Company NV, rebranded in 2001 as Capco.
Acquiring Capco will make Wipro "one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry," the buyer says.
Wipro, based in India, has more than 190,000 employees worldwide. The global IT consulting giant has focused aggressively on cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies.
Wipro Acquires Capco: Executive Perspectives
In a prepared statement about the deal, Thierry Delaporte, CEO and managing director of Wipro, said:
“We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro. 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.”
Added Lance Levy, CEO of Capco:
“We are incredibly excited to join our new colleagues at Wipro. 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 of both companies to drive industry change and offer exciting opportunities for both our clients, and our people.”
Wipro: Previous Technology Consulting Acquisitions
Wipro has M&A experience. The company acquired at least four businesses in 2020, including:
Wipro’s business has evolved over time to support cloud, cybersecurity and managed services opportunities. The company has emerged as a Top 10 ServiceNow partner for IT service management (ITSM) solutions.