(Photo: Mint) (Mint)
(Photo: Mint) (Mint)

Wipro secures deal worth $300 mn from ICICI Bank to provide a suite of services

  • The transaction is expected to be completed during quarter ended 30 Sept
  • Wipro will also acquire Vara Infotech, which provides services to ICICI Bank, for a cash consideration worth 321 crore

New Delhi: IT major Wipro Limited on Wednesday secured a strategic seven-year deal valued at $300 million from ICICI Bank to provide a suite of digital services.

The transaction is expected to be completed during quarter ended 30 September.

"Wipro has a significant presence as an IT services provider in the global banking and financial services sector. Wipro provides innovative solutions to banks by leveraging Wipro HOLMES™, the company's Artificial Intelligence platform. This engagement will further strengthen our endeavor to provide differentiated technology and digital capabilities to the financial services industry," the company stated in its filing with the stock exchanges.

Currently, Vara lnfotech provides these services to ICICI Bank.

As part of this strategic engagement, Wipro will absorb about 3,800 employees of Vara lnfotech along with its existing contracts, facilities and assets, through a business transfer agreement for an all cash consideration of 321 crore and will provide these services to ICICI Bank from September 2019.

This is the first major deal that the IT behemoth sealed after its founder Azim Premji handed over the reins to his son Rishad Premji on 31 July.

Close