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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.
On April 16, 2021, Wipro Limited (NYSE: WIT), a key player in IT services, announced its partnership with Finxact, a leader in Core-as-a-Service banking. This collaboration aims to aid US mid-tier banks in modernizing their legacy systems. Wipro has established a Finxact center of excellence to support clients transitioning to cloud-based core banking solutions. Both firms believe this partnership will enhance digital transformation strategies for financial institutions, leveraging Finxact's advanced API-driven platform.
Wipro Limited (NYSE: WIT) reported its financial results for the quarter and year ended March 31, 2021. Quarterly gross revenue reached Rs 162.5 billion ($2.2 billion), up 3.4% YoY, while IT Services revenue rose to $2,152.4 million, a 3.9% QoQ increase. Net income for the quarter was Rs 29.7 billion ($406.4 million), reflecting a 27.8% YoY increase. Despite a decline in annual IT Services revenue by 1.4% to $8,136.5 million, operating margins improved to 20.3%. The company announced its largest acquisition of Capco to enhance its financial services portfolio.
Wipro Limited (NYSE: WIT) will announce its fourth-quarter financial results for the period ending March 31, 2021, on April 15, 2021, post-market hours in India. A conference call with senior management will take place at 7:15 PM IST. Investors can access the audio of the call via a webcast. Key details, including various toll numbers for participation and a replay of the call, are also provided. Wipro is recognized for its strong commitment to sustainability and advanced technologies, employing over 190,000 staff globally.
Vulcan Cyber has secured a $21 million Series B funding round led by Dawn Capital to enhance its vulnerability remediation orchestration platform aimed at cloud and application security. The investment will support the launch of Vulcan Free, the first free risk-based vulnerability management platform, addressing a significant demand for effective remediation solutions. The company reported a 500% growth in annual recurring revenue (ARR) in 2020, highlighting strong market traction.
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) has been recognized as a Leader in NelsonHall's NEAT vendor evaluation for SAP Cloud Migration Services 2021. The evaluation assessed 15 providers on their effectiveness across various criteria, with Wipro excelling in legacy migration and SAP S/4HANA transformation. Harish Dwarkanhalli, President of Applications & Data at Wipro, emphasized the company's capabilities in digital transformation. The report highlights Wipro's strategic focus on targeted geographies and industries, enhancing its competitive positioning.
On March 9, 2021, Wipro Limited (NYSE: WIT) announced a partnership with IGEL to enhance cloud workspace delivery in hybrid work environments. Wipro will integrate IGEL OS with its Wipro virtuadesk™ Desktop-as-a-Service solution, leveraging platforms from Citrix and Microsoft. This collaboration aims to reduce costs, improve productivity, and enhance security for remote work. Balaji Subramanian from IGEL highlighted the significance of cloud solutions in today's economy, while Wipro's Satish Y emphasized the need for globally-focused technology to support diverse workforces.
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) announced that its subsidiary, Appirio, is assisting National Grid in transforming its business by providing an omnichannel customer experience for 68 million customers globally. Appirio's work in integrating a hybrid platform earned it the Salesforce Partner Innovation Award for MuleSoft. The project enhances connectivity across multiple marketing channels, eliminates data silos, and utilizes APIs, demonstrating significant operational efficiency for National Grid's customer service.
Wipro Limited (NYSE: WIT) has announced its acquisition of Capco, a global management and technology consultancy, for $1.45 billion. The transaction is expected to close in the second quarter of 2021. Capco, headquartered in London, specializes in digital, consulting, and technology services primarily for financial institutions worldwide. CD&R had previously acquired a 60% stake in Capco in July 2017 and enhanced its capabilities during its ownership. This acquisition reflects Wipro's strategy to strengthen its position in technology-related professional services.
Wipro Limited (NYSE: WIT) has signed an agreement to acquire Capco, a management and technology consultancy serving financial institutions globally. This strategic acquisition enhances Wipro’s capabilities in digital transformation, consulting, and technology services, positioning it as a major player in the banking and financial services sector. Capco brings over 5,000 consultants and a strong client portfolio to Wipro. The deal is expected to close by June 30, 2021, subject to regulatory approvals. The acquisition aims to deliver bespoke, integrated solutions to clients.
Wipro Limited (NYSE: WIT) is celebrating its 25-year partnership with Cisco (NASDAQ: CSCO) by launching a new Cisco Business Unit. This unit aims to enhance digital transformation solutions utilizing Cisco technologies, reflecting Wipro's commitment to this strategic alliance. The partnership has positioned Wipro as a leading digital transformation partner, focusing on key areas like Intent-Based Networking, Hybrid Cloud, and Security. Wipro's established service capabilities and dedicated workforce are set to accelerate customer digitization and operational efficiency.
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