Benzinga | Mar 4, 2021 09:43AM EST

Wipro To Acquire BFSI-Focused Management And Technology Consultancy Capco For $1.45B

* Global IT, consulting, and business process services company Wipro Ltd (NYSE: WIT) inked an agreement to acquire London's management and technology consultancy for financial institutions Capco for $1.45 billion.

* Capco owns a veteran executive team and world-class business and technology consultants based across more than 30 global locations.

* This acquisition will consolidate Wipro's position to become a leading end-to-end global consulting, technology, and transformation service provider to the banking and financial services industry (BFSI).

* The combination of Wipro's abilities in strategic design, digital transformation, cloud, cybersecurity, IT, and operations services with Capco's domain and consulting strength will enable clients to access a partner who can deliver integrated, personalized solutions to drive growth and accomplish transformation objectives.

* Wipro's cash and cash equivalents amounted to $1.9 billion as of December 31, 2020.

* Price action: WIT shares are trading higher by 2.93% at $6.66 on the last check Thursday.