Wipro lands deal worth $500 million with Citigroup
Wipro’s stock has increased by more than one percent in early trade and is the only gainer on the Bombay Stock Exchange as of today. Shares were up 0.57% to Rs 343 on BSE. This comes on the heels of reports suggesting that Wipro has won a $500-million (Rs 2,900 crore) outsourcing contract from Citigroup according to TOI. The contract by the third largest software exporter with the multinational bank is reportedly for a five year tenure.Wipro will set up an offshore delivery centre in Bangalore along with providing application development and maintenance, and infrastructure services for Citigroup’s global operations. Both parties have declined to comment on the deal, with Wipro releasing an official statement denying to comment on market speculation.Other companies in running for the contract were IBM, Accenture, Dell, Cognizant. Citigroup already has outsourcing deals with TCS and Wipro.
The last major deal by Wipro was in 2008 when they acquired Citi Technology Services for $127 million. Wipro and Citibank had signed an agreement to take over the operations and management of Citi’s data centre in Meerbusch, in 2010. T K Kurien, who was appointed CEO of Wipro’s IT business in 2011, has been pushing for large contracts and higher revenues from financial services clients. Despite the company going through a lean patch, Kurien has maintained that Wipro will continue to receive further investment from banks and insurers.
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