Wipro secures $1 billion mega deal with Olam Group. India's fourth-largest IT services firm has landed an eight-year contract from Singapore-based food processing major Olam Group, marking its first major deal in nearly six years. The company will also acquire Mindsprint, Olam's IT arm, for $375 million in an all-cash transaction. Wipro's shares surged 3.6% following the announcement, opening at ₹198.4 on the BSE. The deal includes end-to-end IT transformation services with Olam committing to spend at least $800 million over eight years on modernizing its IT systems. Mindsprint generated $136 million in revenue last year and employs approximately 3,200 people specializing in IT services for food and agri-business companies. The acquisition is expected to close by June subject to regulatory approvals and will contribute significantly to Wipro's revenue stream in coming years.
Post from MarketNews_en
Log in to interact with content.