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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.
Topcoder, a Wipro company, announced the winners of the 2020 Innovation Awards during a virtual ceremony. The awards celebrate exceptional contributions on the Topcoder Platform in six categories: Enterprise Resiliency, Power User, Cutting Edge, Public Sector, Program of the Year, and Wipro Partnership. Winners included Telstra for innovative technology solutions, Greg Tappert from T-Mobile for outstanding platform use, and the United States Bureau of Reclamation for advancements in water resource management. Topcoder continues to empower organizations to innovate amidst challenges.
Wipro Limited (NYSE: WIT) announced a multi-year contract with ThoughtSpot for software engineering services. This five-year agreement aims to enhance ThoughtSpot's Search and Analytics platform, accelerating feature development and market release cycles. Wipro will utilize its EngineeringNXT framework to deliver these services efficiently, helping ThoughtSpot maintain its competitive edge in the rapidly evolving analytics market. This partnership aligns with Wipro's strategy to strengthen its presence in the U.S. and enhance its capabilities in AI and Cloud technologies.
Wipro Limited (NYSE: WIT) has launched the Wipro AWS Business Group (WABG) to enhance customer cloud transformations on AWS. This unit combines over 10,000 AWS-certified consultants and specialized teams to accelerate business development and innovation. The initiative follows successful collaborations with AWS, particularly with Wabtec, illustrating Wipro's deep cloud expertise. Both companies aim to innovate solutions across industries, focusing on AI/ML, migration, and modernization, further solidifying their partnership in the cloud services sector.
Wipro Limited (NYSE: WIT) announced plans to expand its IBM Hybrid Cloud Practice aimed at modernizing digital operations for clients using IBM Cloud Paks on Red Hat OpenShift. This initiative will help enterprises innovate at scale with solutions like BoundaryLess Enterprise for managing hybrid cloud environments and ModernizR for migrating legacy applications to the cloud using artificial intelligence. Wipro's collaboration with IBM focuses on enhancing cloud capabilities across various industries, reinforcing their commitment to client transformation.
Wipro Limited (NYSE: WIT) has signed an agreement to acquire Encore Theme Technologies, a SaaS and cloud solutions provider specializing in Trade Finance. Based in Chennai, Encore Theme has implemented over 75 Trade Finance projects for financial institutions across the Middle East, Africa, India, and Asia Pacific. This acquisition aims to enhance Wipro's capabilities in modernizing trade platforms and improving customer offerings using Finastra's software solutions. The deal is expected to close by December 31, 2020, pending customary conditions.
Wipro Limited (NYSE: WIT) has announced a collaboration with SAP SE to develop cloud-based solutions specifically for the real estate industry. This partnership aims to enhance SAP's Intelligent Enterprise strategy by filling gaps in its portfolio through industry-specific cloud applications. Wipro's newly launched Tenant Acquisition Management (TAM) solution integrates advanced technologies like AI and robotic process automation, streamlining the leasing process. The solution is now available on the SAP App Center, showcasing Wipro's commitment to innovation in real estate services.
Wipro Limited (NYSE: WIT) announced its financial results for Q3 2020, reporting gross revenue of Rs 151.1 billion ($2.1 billion), marking a 1.4% QoQ increase but a 0.1% YoY decrease. IT Services revenue rose to $1,992.4 million, up 3.7% QoQ, with an operating margin of 19.2%. Net income fell 3.4% YoY to Rs 24.7 billion ($335.3 million), while EPS increased by 0.7% YoY. The company plans a share buyback of up to Rs 95 billion ($1.3 billion). Outlook for Q4 anticipates IT Services revenue between $2,022 million and $2,062 million, representing 1.5% to 3.5% sequential growth.
Wipro Limited (NYSE: WIT) will announce its Q2 results for the fiscal year ending September 30, 2020, on October 13, 2020, after stock market hours. Following the announcement, management will discuss the results in a conference call at 7:15 PM IST (9:45 AM ET). Investors can access the call via the company’s website or through provided dial-in numbers. A replay will be available until November 12, 2020. Wipro continues to be a leader in IT and consulting services, leveraging advanced technologies to drive client success.
Wipro Limited (NYSE: WIT) will announce its second-quarter results for the fiscal year ending September 30, 2020, on October 13, 2020, after market hours in India. The results will be accessible on the company's investor website. At 7:15 PM IST (9:45 AM ET), management will discuss the company's performance during a conference call, where questions can be submitted beforehand. The call will also be available via webcast. Playback details will be provided following the call, allowing stakeholders to review the discussion.
Wipro Limited (NYSE: WIT) successfully organized its 15th annual 'Spirit of Wipro' (SOW) Run, attracting thousands of participants from 35 countries, despite pandemic challenges. The event, themed 'United. Unstoppable', underscored community and resilience among employees, their families, and clients. Proceeds will benefit local social causes, matched 100% by Wipro via its community initiatives arm. CEO Thierry Delaporte emphasized the company's commitment to client success and integrity, while HR President Saurabh Govil highlighted the Run's significance in maintaining tradition and community support.
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