INSUBCONTINENT EXCLUSIVE:
Capco will give Wipro access to 30 new large banking and financial clientsWipro Ltd said on Thursday it would buy British consultancy Capco
traditionally won the most lucrative contracts
Wipro and its rivals including Infosys Ltd and Tata Consultancy Services Ltd have become major global players, offering services spanning
from back-office work for banks to social media content moderation as well as traditional technical support.Capco will give Wipro access to
that industry globally, Wipro said.Banking and financial clients account for nearly a third of Bengaluru-headquartered Wipro's revenue,
the largest from any industry
The deal also comes as businesses globally spend more on digital and other back-end services to support remote work during the
pandemic.Wipro said the Capco acquisition would reduce its IT services earnings before interest and taxes (EBIT) margins by about two per
Capco will begin adding to Wipro's earnings per share from the third year, it added
Wipro said it expects the deal to close in the quarter ending June.
