<p>Wipro Ltd said on Thursday it would buy British consultancy Capco for $1.45 billion in cash, as the Indian software giant looks to boost its offerings for the financial services industry that generates the bulk of its revenue.</p>.<p>London-based Capco makes 96% of its revenue from Europe and North America, from where Indian IT services companies have traditionally won the most lucrative contracts.</p>.<p>Wipro and its rivals including Infosys Ltd and Tata Consultancy Services Ltd have become major global players, offering services spanning from back-office work for banks to social media content moderation as well as traditional technical support.</p>.<p><strong>Read: <a href="https://www.deccanherald.com/business/business-news/flipkart-considers-us-listing-with-spac-as-option-958055.html">Flipkart considers US listing with SPAC as option</a></strong></p>.<p>Capco will give Wipro access to 30 new large banking and financial clients and make the Indian firm one of the largest end-to-end consulting and technology service providers to that industry globally, Wipro said.</p>.<p>Banking and financial clients account for nearly a third of Bengaluru-headquartered Wipro's revenue, the largest from any industry.</p>.<p>The deal also comes as businesses globally spend more on digital and other back-end services to support remote work during the pandemic.</p>.<p>Wipro said the Capco acquisition would reduce its IT services earnings before interest and taxes (EBIT) margins by about 2% in the first year. Capco will begin adding to Wipro's earnings per share from the third year, it added.</p>.<p>Wipro said it expects the deal to close in the quarter ending June. </p>
<p>Wipro Ltd said on Thursday it would buy British consultancy Capco for $1.45 billion in cash, as the Indian software giant looks to boost its offerings for the financial services industry that generates the bulk of its revenue.</p>.<p>London-based Capco makes 96% of its revenue from Europe and North America, from where Indian IT services companies have traditionally won the most lucrative contracts.</p>.<p>Wipro and its rivals including Infosys Ltd and Tata Consultancy Services Ltd have become major global players, offering services spanning from back-office work for banks to social media content moderation as well as traditional technical support.</p>.<p><strong>Read: <a href="https://www.deccanherald.com/business/business-news/flipkart-considers-us-listing-with-spac-as-option-958055.html">Flipkart considers US listing with SPAC as option</a></strong></p>.<p>Capco will give Wipro access to 30 new large banking and financial clients and make the Indian firm one of the largest end-to-end consulting and technology service providers to that industry globally, Wipro said.</p>.<p>Banking and financial clients account for nearly a third of Bengaluru-headquartered Wipro's revenue, the largest from any industry.</p>.<p>The deal also comes as businesses globally spend more on digital and other back-end services to support remote work during the pandemic.</p>.<p>Wipro said the Capco acquisition would reduce its IT services earnings before interest and taxes (EBIT) margins by about 2% in the first year. Capco will begin adding to Wipro's earnings per share from the third year, it added.</p>.<p>Wipro said it expects the deal to close in the quarter ending June. </p>