BENGALURU (Reuters) – Wipro, India’s No.4 IT services provider, won a 10-year deal worth 500 million pounds ($645.4 million) from British insurer Phoenix Group, the company said on Wednesday, announcing its second mega deal this financial year.
Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. In June 2024, Wipro announced a $500 million deal with a U.S. communications service provider.
The latest deal is for Phoenix Group’s ReAssure business where Wipro will work on life and pension business administration.
Wipro will increase its presence in the United Kingdom and will set up hubs for both operations and technology which will staff employees from both companies, it said in a statement.
Some employees from Phoenix will also transition to Wipro, it said, but did not divulge numbers.
Wipro’s Mumbai-listed shares closed 1.3% down on Wednesday. The statement came after the Indian stock market closed for the day.
($1 = 0.7747 pounds)
(Reporting by Haripriya Suresh; Editing by Savio D’Souza)
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