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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.
VMware (NYSE: VMW) and Wipro (NYSE: WIT) are expanding their partnership to assist customers in modernizing applications and transitioning to the cloud with enhanced efficiency. This collaboration aims to simplify multi-cloud initiatives, addressing complexities that can impede application development.
The alliance combines VMware Cross-Cloud™ services with Wipro FullStride Cloud Services, promoting quicker deployment of modern applications while managing costs and risks. Together, they aim to help enterprises accelerate innovation and optimize cloud operations across multiple regions.
Wipro Limited (NYSE: WIT) reported robust financial results for the fiscal year ending March 31, 2022, with gross revenue of Rs 790.9 billion ($10.4 billion), marking a 27.7% increase YoY. IT Services segment revenue rose 27.3% YoY to $10,355.9 million. Net income reached Rs 122.2 billion ($1.6 billion), up 13.2% YoY, with EPS growing 17.0% to Rs 22.35 ($0.291). However, operating margin for the year fell 254 bps to 17.7%. Outlook for Q1 FY2023 anticipates revenue between $2,748 million and $2,803 million, reflecting 1% to 3% sequential growth.
Wipro Limited (NYSE: WIT) has announced the acquisition of Rizing Intermediate Holdings, Inc., a strategic move to enhance its SAP consulting capabilities. This acquisition aims to bolster Wipro's services in digital transformation and industry expertise, significantly expanding its market reach in sectors such as oil, gas, and manufacturing. The deal is poised to create a unique SAP service offering and is expected to close by the end of Q2 2022, pending regulatory approvals. Rizing will continue to operate under its brand, enhancing Wipro's leadership in SAP Cloud services.
Rizing LLC, an SAP-focused IT systems integrator, is being sold by One Equity Partners to Wipro Limited (NYSE: WIT). This move follows the company’s strategic growth through five acquisitions since 2018, aimed at diversifying revenue and increasing service capabilities. The acquisitions include companies in the U.S., Singapore, and Sri Lanka, enhancing Rizing’s global presence and customer base. The strategic initiative is expected to bolster Wipro's service offerings within the SAP ecosystem as Rizing continues to serve global clients effectively.
Wipro Limited (NYSE: WIT) will announce its fourth-quarter and annual results for the year ending March 31, 2022, on April 29, 2022, after market hours in India. A management conference call will follow at 7:30 PM IST (10:00 AM ET) to discuss the performance and answer questions. Interested parties can access the audio online and participate via dial-in numbers provided. Wipro is recognized for its IT, consulting, and business process services, employing over 240,000 staff globally.
Topcoder, a Wipro company, has successfully conducted a data science challenge for NASA, resulting in the detection of two previously unnoticed comets. The Marathon Match Challenge mobilized nearly 600 participants to develop AI/ML algorithms that enhance the detection capabilities of NASA’s SOHO satellite. As part of the competition, a total of
Wipro Limited (NYSE: WIT) has announced its acquisition of Convergence Acceleration Solutions, LLC (CAS Group), a U.S.-based consulting firm specializing in business and technology transformation for Fortune 100 communications service providers. This strategic acquisition aims to enhance Wipro's capabilities in delivering end-to-end solutions, leveraging CAS Group's expertise and client relationships. The move aligns with Wipro's growth agenda and is expected to strengthen its position in the high-growth telecommunications sector by providing advanced services related to 5G, IoT, and digital transformation.
Wipro Limited (NYSE: WIT) has appointed Anis Chenchah as the new Chief Executive Officer for the APMEA region and as a member of the Wipro Executive Board. Chenchah, previously Global CEO at Capgemini Business Services, brings over 20 years of experience in IT and Consulting. This leadership change follows N S Bala’s decision to step down for personal reasons. Wipro aims to leverage Chenchah's expertise to enhance growth in the Asia Pacific, India, Middle East, and Africa markets, emphasizing the importance of digital transformation and innovation in its strategic plans.
Guidewire (NYSE: GWRE) has partnered with Wipro (NYSE: WIT) as a Select level alliance member in the PartnerConnect program. This collaboration aims to enhance insurers' digital transformations and operational efficiency across North America, EMEA, and APAC regions. Wipro will leverage its expertise in property and casualty insurance and its dedicated Guidewire center of excellence to deliver tailored solutions. Both companies expect this partnership to positively impact business processes and time to market for insurance clients.
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