Information technology and consulting business Wipro agreed to acquire management and technology consultant Capco for $1.5 billion, a spokeswoman confirmed.
The merger, which is subject to customary closing conditions and regulatory approvals, will bring scale, complementary capabilities and clients to both India-headquartered Wipro and London-headquartered Capco.
Capco will operate as a separate global unit and its management will report to Thierry Delaporte, CEO and managing director of Wipro, once the deal closes on June 30.
The firms will have one integrated strategy and execution for mutual clients, the spokeswoman said.
Capco advises boards and C-suite executives of banks, wealth and money managers as well as insurers on topics including the digital transformation of financial services.
"Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients. Wipro and Capco share (complementary) business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home," Mr. Delaporte said in a news release Thursday.
Lance Levy, CEO of Capco, added in the release: "We are incredibly excited to join our new colleagues at Wipro. Together, we will offer bespoke transformational end-to-end solutions, now powered by innovative technology at scale, to create a new leading partner to the financial services industry."