British tech consultancy Capco snapped up in $1.5bn deal
British tech consultancy Capco has been snapped up by Indian software giant Wipro in a deal worth $1.45bn (£1bn).
London-based Capco, whose clients include major names in the financial services industry, employs more than 5,000 consultants and operates in more than 30 locations around the world.
Wipro said two firms had “complementary” business models, adding that the acquisition will make it one of the world’s largest end-to-end consulting and technology providers to the banking and finance sector.
“We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro,” said Wipro chief executive and managing director Thierry Delaporte.
“Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients.”
The deal will enable Bangalore-based Wipro to move into new markets. Capco currently makes 96 per cent of its revenue in Europe and North America.
Wipro competes with Indian rivals such as Infosys and Tata Consultancy Services to provide traditional tech support, as well as other services including back-office work and social media content moderation.
The companies have benefited from higher demand for digital support amid a rise in remote working during the pandemic.
Wipro said the deal was subject to regulatory approvals and was expected to complete in the second quarter.