Wipro: Industry growth to largely be led by next-gen technologies, services

Wipro CEO Theirry Delaporte said, IT industry’s growth will largely be led by next-generation technologies and services with areas like data, cloud and cybersecurity expected to see huge incremental growth.

Wipro has also closed several acquisitions in the second half of FY21 across key markets like the US and Europe, which has helped the Bengaluru-based company strengthen its local presence and service offerings, he said in his note in the company’s FY2020-21 annual report.

“We know that industry growth will largely be led by next-generation technologies and services. We can therefore expect to see huge incremental growth in areas such as digital, cloud, data, engineering, cybersecurity. Cloud definitely is at the centre of customer conversations, and is becoming not just the operating platform of choice but a fundamental part of digital transformation,” he said.

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The emergence of new work models such as work-from-anywhere or crowdsourcing, has meant that cybersecurity has become a top priority for businesses, he added and noted that Wipro, for long, has been helping customers navigate the full spectrum of IT transformation.

Delaporte, who took over as the CEO in July last year, said the company is building a “bolder tomorrow” through a five-point strategy.

\This includes accelerating growth by prioritising the sectors and markets the company operates in, strengthening clients and partnerships by investing in good talent, and leading with business solutions that enhance its portfolio.

The company will also focus on building talent at scale and simplifying its operating model to drive better customer-centricity and agility as part of this strategy.

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Delaporte noted that mergers and acquisitions have been an integral part of the company’s business strategy.

“In the second half of the financial year, we closed several acquisitions across several key markets, including the US, Europe, LATAM (Latin America), Australia and India. These acquisitions have strengthened our local presence, and service offerings,” he said.

The top executive added that the company’s largest-ever acquisition, Capco, for USD 1.45 billion is one that significantly strengthens its position in the global financial services market.

The acquisition, announced in March this year, also allows Wipro to onboard some exceptional domain experts and talent in that space, he added.

“Our strategic M&As over the years have contributed towards the creation of a vibrant, new-age, and diverse community of talent around the world.

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Such talent, along with the new cadre of leadership that has joined the existing executive team, brings to Wipro the kind of leadership that is not typical for our industry historically. We will continue to build on this by recruiting local talent that is diverse in every way,” he said.

In March, Wipro had announced signing an agreement to acquire London-headquartered Capco, a global management and technology consultancy, in a USD 1.45 billion (over Rs 10,500 crore) deal. This is the biggest ever acquisition by Wipro.

Wipro had said the acquisition will strengthen its position as a consulting and IT services provider to the Banking, Financial Services and Insurance (BFSI) sector, provide access to marquee BFSI clients and create a large global financial services practice for the company with a strong consulting footprint.

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