Wipro revises revenue guidance for Q1 FY22 after it acquires Capco

Wipro has revised its revenue and growth guidance for Q1 FY2022 after the completion of its acquisition of Capco. Wipro has also revised its growth guidance seen at 8-10 percent from the earlier 2-4 percent.

The Indian information technology major has revised its revenue seen to $2,324-2,367 million as compared to previous expectation of $2,195-2,238 million.

Wipro, on March 4, announced it has acquired London-headquartered The Capital Markets Company (Capco) for $1.45 billion. This is by far the largest ever acquisition the Bengaluru-based company has made.

Capco is a management and technology consultancy firm that provides digital, consulting, and technology services to the global banking and financial services industry.

Wipro said in a statement that the acquisition was expected to strengthen its position as a consulting and IT services provider to the Banking, Financial Services and Insurance (BFSI) sector, and would provide access to marquee BFSI clients and create a large global financial services practice for Wipro with a strong consulting footprint. Banking and financial services account for about 30 percent of the overall revenue for the firm.

Wipro, on April 15, said it expected its IT services revenue in dollar terms in the range of $2,195-2,238 million for the June quarter 2021, a growth of 2-4 percent over the March quarter.