Wipro obtains a $ 300 million contract with ICICI Bank

BENGALURU Wipro has pocketed a $ 300 million settlement ICICI Bank Spread over seven years, one of the biggest deals it has won in recent times.

As part of the deal, Wipro will absorb 3,800 employees of the incumbent service provider Vara Infotech along with its existing contracts, facilities and assets, on an going concern basis, for an all cash consideration of Rs 321 crore. Wipro will roll out these services effective September. The business generated Rs 221.5 crore in revenue in 2018-19.

Wipro, which counts Bank of America and Citi among its clients, offers a range of IT solutions to banks leveraging its AI and automation platform Holmes. Holmes provides integrated automation capabilities across infrastructure, applications and business process services. These capabilities have been deployed for over 350 clients across industries. Last year, Wipro bagged a similar asset and people takeover deal from Illinois-based Alight Solutions. That was a $ 1.5 billion, 10-year deal.