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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.
Moveworks has partnered with Wipro Limited (NYSE: WIT) to enhance IT solutions, transforming IT departments into strategic assets. This collaboration provides a scalable, cost-effective IT system aimed at improving operational efficiency and employee satisfaction. Employees typically submit 1.1 IT tickets per month, often taking up to three days to resolve, which impacts productivity. The AI-driven partnership intends to streamline this process. Moveworks serves over 190 enterprise customers and is valued at $2.1 billion.
Wipro Limited (NYSE: WIT) has announced the launch of its Retail Innovation Experience in Mountain View, California, enhancing collaboration with Microsoft. This initiative, built on the Microsoft Cloud, aims to provide retailers with innovative solutions to improve customer relationships and streamline operations. Key offerings include Endless Aisle, iShelf Insights, Smart Track, and Unified Customer Intelligence, all designed to support digital transformation in retail. Wipro positions itself as a partner in addressing retail challenges with agility and speed.
Wipro Limited (NYSE: WIT) has appointed Ankush Saigal as the new Head of Telecom Industry Sector for Southeast Asia. This leadership change comes at a crucial time for the telecom sector, which is undergoing significant transformation and seeking innovative growth strategies. Saigal, an industry veteran with prior experience at Accenture and Infosys, aims to bolster Wipro's client engagements and drive sustainable growth by enhancing operational models and customer experiences. Wipro's continued investment in the region reflects its commitment to building strong partnerships.
Wipro Limited (NYSE: WIT) has appointed Simmi Dhamija as Chief Operating Officer for the Asia Pacific, Middle East, and Africa (APMEA) strategic market unit. With over 20 years in technology, Dhamija previously served as Chief Transformation Officer at Tech Mahindra, where she led digital initiatives and customer engagements. Her mission at Wipro is to enhance client centricity and operational efficiency while driving profitable growth. Anis Chenchah, CEO of APMEA, expressed confidence in Dhamija's ability to achieve these objectives amidst evolving market demands.
Wipro Limited (NYSE: WIT) and VMware, Inc. (NYSE: VMW) have announced an expanded partnership to accelerate digital transformation for mutual customers. Wipro will launch a new business unit focusing on VMware solutions, enhancing multi-cloud capabilities and innovation. This initiative aims to streamline VMware implementations and improve ROI for businesses. It will leverage Wipro’s extensive expertise across industries, with a commitment to sustainability. The collaboration includes significant investment for global service delivery and aims to deploy 5,000 cross-trained professionals in the next two years.
Wipro Limited (NYSE: WIT) has appointed Frederic Abecassis as the Head of Banking, Financial Services & Insurance (BFSI) for Southeast Asia. With over 20 years in digital transformation and financial services consulting, Frederic will lead business growth in the rapidly evolving sector. His focus will include helping clients achieve digital transformation and ESG goals. The leadership change is expected to strengthen Wipro's ecosystem of technology partners and enhance client engagement in the region amidst ongoing digital disruptions.
Wipro Limited (NYSE: WIT) appointed Suzanne Dann as Chief Executive Officer of Americas 2 Strategic Market Unit, effective immediately. Her responsibilities will include increasing bookings, large deal signings, and revenue, while optimizing operational changes to enhance margins. Previously, she held the position of U.S. Senior Vice President for Capital Markets and Insurance. Dann takes over from Angan Guha and aims to leverage her experience to broaden Wipro's market impact amid ongoing transformation efforts.
Logility has entered a strategic alliance with Wipro to enhance supply chain management transformations using Logility's Digital Supply Chain Platform. The collaboration aims to address global supply chain challenges by integrating advanced technologies like AI and blockchain into demand planning, inventory management, and S&OP. Wipro’s expertise will help clients leverage Logility’s capabilities for improved decision-making and efficiency. Both companies are positioned to deliver high-impact solutions amidst ongoing supply chain volatility.
Wipro Limited (NYSE: WIT) reported strong financial results for Q2 2022, with IT Services revenue at $2.8 billion, reflecting a 14.6% YoY increase. The company achieved 23.8% growth in order bookings and reported a 15.1% IT Services operating margin. Net income reached $326.8 million, with earnings per share at $0.061. Free cash flow was robust at 181% of net income. The outlook for Q3 2022 anticipates IT Services revenue between $2,811 million to $2,853 million, indicating 0.5% to 2.0% sequential growth.
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