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Wipro Limited, headquartered in Bengaluru, India, is a leading global provider of information technology, consulting, and business process services. With a workforce of 175,000 employees worldwide, Wipro has established itself as a key player in the IT services sector.
Founded in 1945, Wipro has grown substantially over the decades, particularly in the IT services domain. The company leverages its offshore outsourcing model, deriving over 57% of its revenue from North America. Wipro offers a comprehensive range of services including traditional IT services such as consulting, managed services, and cloud infrastructure services, in addition to business process outsourcing (BPO).
In recent years, Wipro has achieved several key milestones. For instance, the company has forged strategic partnerships with industry leaders to expand its service offerings and enhance its technological capabilities. Wipro's investment in emerging technologies like artificial intelligence, machine learning, and cybersecurity has positioned it at the forefront of innovation in the IT sector.
One of Wipro's significant strengths lies in its diverse portfolio. The company serves various industries, including banking, financial services, manufacturing, retail, and healthcare. This diversification has enabled Wipro to maintain a stable financial condition, evidenced by its consistent revenue growth and profitability.
Wipro is also known for its commitment to sustainability and corporate social responsibility. The company has implemented numerous initiatives aimed at reducing its environmental footprint and contributing to the well-being of the communities it operates in.
Currently, Wipro is involved in several high-impact projects. These include digital transformation initiatives for global enterprises, the development of next-generation IT solutions, and the enhancement of its cloud and infrastructure services. These projects are expected to drive further growth and solidify Wipro's position as a global IT services leader.
Veuu and Wipro (WIT) have announced a strategic partnership to revolutionize healthcare payments through an AI-powered instant payments platform. The collaboration aims to bridge the gap between healthcare providers and payers by enabling immediate reimbursements.
The platform leverages AI technology to evaluate claims risks, predict denials, and provide instant approval or rejection decisions within milliseconds. Providers receive immediate access to operating capital at negotiated rates, eliminating the traditional weeks-long wait for insurance reimbursements. The system also submits cleaner claim portfolios to insurance companies, reducing manual review costs.
Through Wipro's Provider in a Box solution, which incorporates Veuu's AI-enabled platform alongside IT and Provider Operations Transformation expertise, the partnership aims to deliver cash-flow relief, reduce healthcare costs, and improve care quality.
Wipro (NYSE: WIT) has been selected by FrieslandCampina, a global dairy company, as their strategic partner for IT operations transformation. The five-and-a-half-year engagement will involve Wipro managing FrieslandCampina's Core IT Services, including end-to-end Service Management, Infrastructure & Cybersecurity Services, and Enterprise Application Management Services.
The partnership will also cover digital transformation programs, HR, and employee services aimed at operational excellence, end-user experience, and business continuity. The collaboration is designed to support FrieslandCampina's strategic objectives of enhancing profitability and sustainable growth through improved business outcomes and innovation.
Wipro (NYSE: WIT) announced its Q4 2024 financial results, reporting a 0.1% QoQ revenue growth, exceeding guidance expectations. The company achieved a 12-quarter high operating margin of 17.5%, expanding 0.7% QoQ. Notable highlights include:
- Net income increased by 24.5% YoY and 4.5% QoQ
- IT services revenue was $2,629.1 million, showing a decline of 1.2% QoQ and 1.0% YoY
- Total bookings reached $3,514 million, with large deal bookings at $961 million
- Operating cash flows were strong at 146.5% of net income
- Voluntary attrition decreased to 15.3%
The company revised its capital allocation policy, increasing payout percentage to 70% or above over a 3-year period. For Q1 2025, Wipro expects IT Services revenue between $2,602-2,655 million, projecting a -1.0% to 1.0% growth in constant currency terms.
Wipro (NYSE: WIT) has scheduled its Q3 FY2024 earnings announcement for January 17, 2025, after Indian market hours. The company will host a conference call at 7:00 PM IST (8:30 AM US Eastern time) where senior management will discuss quarterly performance and address investor questions.
Questions can be submitted until 6:30 PM IST to designated email addresses. The earnings call will be accessible via webcast, with multiple dial-in options available including toll-free numbers for US, UK, Singapore, and Hong Kong participants. A replay of the call will be available from January 17-24, 2025.
Wipro has announced a partnership with Netskope to provide enterprises with integrated cybersecurity optimization services. The collaboration introduces Wipro's CyberTransform Optimization Service, powered by Netskope, which analyzes organizations' current cybersecurity investments and provides consolidation guidelines for improved business performance.
The service combines Wipro's proprietary Automated Regulatory Compliance (ArC) system with Netskope's Valueskope platform to deliver detailed financial analyses and tailored business cases. This integration aims to help organizations manage application sprawl and optimize their cybersecurity spending while achieving better security outcomes.
Wipro has extended its partnership with Marelli, a global automotive solutions leader, for four additional years. The project focuses on migrating Marelli's Milan Data Centre and local server rooms to the Cloud through Wipro FullStride Cloud services. This cloud transformation aims to centralize operations, provide a more agile ecosystem, and enable faster market response. The initiative includes implementing AI-powered virtual assistants for employee support, vulnerability management services, and comprehensive application maintenance. The modernization project is expected to generate significant operational savings and reduce time-to-market for Marelli's products and services.
Wipro announced the launch of its Google Gemini Experience Zone, a new facility where customers can explore Google's AI technologies and identify optimal generative AI use cases. The zone will be hosted at Wipro's Silicon Valley Innovation Center in Mountain View, with plans for a similar facility in Bengaluru. The initiative offers enterprises access to Google Gemini's Large Language Models, enabling testing of AI-driven use cases including natural language understanding, image generation, and predictive analytics. Through this partnership, Wipro will collaborate with businesses to develop industry-specific AI solutions across sectors like retail, healthcare, financial services, manufacturing, and telecommunications.
Wipro has announced a strategic partnership with RELEX Solutions to enhance retail and supply chain operations. The collaboration combines Wipro's expertise in retail and CPG sectors with RELEX's AI-based planning platform. The integrated solution aims to help retailers, wholesalers, and consumer goods companies optimize demand forecasting, merchandise planning, and supply chain management across their value chain. The platform offers comprehensive supply chain management capabilities, including demand prediction, availability planning, and real-time analytics to improve operational efficiency.
Wipro has announced a strategic collaboration with Microsoft and SAP to accelerate RISE with SAP migrations on the Microsoft Cloud. The partnership aims to provide clients with a 'Near Zero Cost Migration' through financial incentives, helping organizations transition from SAP S/4HANA to SAP S/4HANA Cloud ahead of SAP's 2027 support deadline for select on-premises systems. The collaboration leverages Wipro's digital transformation expertise, Microsoft's cloud infrastructure, and SAP's software capabilities to ensure seamless migrations while enhancing digital operations, efficiency, and customer experiences.
Wipro has released a report revealing that wealth management firms plan to more than double their AI budget allocation from 16% to 37% in the next 3-5 years. Based on a survey of 100 U.S. executives, the study shows that while all firms have begun adopting AI, only 44% use it extensively. Among extensive users, 73% report significant competitive advantages.
Key findings show that 77% of firms report improved decision-making with AI-driven analytics, and 76% note operational efficiency improvements. Risk management (53%) and research and analysis (45%) are the main areas disrupted by AI. However, challenges persist, with 62% of firms citing unclear regulatory guidelines and 68% prioritizing AI training and recruitment to address the skills gap.
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