Wipro Secures $500 Million Contract from US Communication Giant

Wipro Limited, a prominent Information Technology (IT) services player, has bagged a staggering $500 million deal with a leading US communication service provider. The 5-year contract will see Wipro poised to deliver managed services tailored to specific products and industry solutions.

“Wipro will deliver managed services for select products and industry-specific solutions,” the company stated in a filing with the stock exchange.

The significance of this deal cannot be overstated, as it marks Wipro’s first major contract secured under the leadership of its new CEO, Srinivas Pallia. Pallia, a seasoned Wipro veteran with 32 years of experience, assumed the role on April 6 2024, following the departure of his predecessor, Thierry Delaporte.

In April 2024, Wipro made waves with the announcement of a lucrative multi-million-dollar deal with telecommunications giant Nokia. The agreement entailed a comprehensive revamp of Nokia’s employee service desk, providing seamless and real-time IT support to its global workforce.

Among his top objectives was accelerating significant deal momentum, achieved through close collaboration with clients and partners.

When questioned about potential changes in strategy compared to his predecessor, Pallia emphasised a proactive approach. He explained that Wipro would identify and actively pursue existing and future large accounts, diverging from previous practices.

In its recent annual report, Wipro projected growth for the fiscal year 2024-25, driven by clients’ investments in pivotal areas like Artificial Intelligence (AI) and Generative AI implementation.

Closing the fourth quarter ending March 31 on a high note, the IT services exporter reported a substantial Total Contract Value (TCV) of $1.2 billion, marking a notable increase of over 9% from the previous year. Wipro classifies deals exceeding $30 million in total contract value as large deal bookings.

About Wipro Limited

Wipro Ltd is a multinational company offering information technology, consulting, and business process services (BPS). Ranked the fourth-largest Indian entity in the global IT services sector, it follows behind industry giants such as TCS, Infosys, and HCL Technologies.

On June 7, 2024, the share price of Wipro Limited opened at ₹470.00, touching the day’s high of ₹486.40 as of 11:44 AM on the NSE.

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