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Wipro signs deal worth $300 mn from ICICI Bank for digital services suite

WiproIndian software services exporter Wipro said on Wednesday it has bagged a seven-year deal worth $300 million from private-sector lender ICICI Bank for its digital services suite.

Wipro provides digital solutions to banks through its Wipro HOLMES, an artificial intelligence platform. It helps enterprises hyper-automate processes through algorithmic intelligence and cognitive computing capabilities. It enhances operational efficiency, effectiveness and user experience across applications, infrastructure management and key business processes.

“This engagement will further strengthen our endeavor to provide differentiated technology and digital capabilities to the financial services industry,” Wipro said in a filing to the exchanges.

Presently, Vara Infotech is providing services to ICICI Bank, the country’s third-largest private-sector bank by market capitalisation.  Backed by Kanoria Foundation, Vara Infotech is a software solution and services company that provides a range of services catering to the Banking, Financial Services and Insurance segment.

Under the deal, Wipro will absorb 3,800 employees of Vara Infotech along with its existing contracts, assets, facilities, on a going concern basis, for an all-cash consideration of 3.21 billion rupees ($44.7 million)
Last fiscal, this business clocked 2.22 billion rupees, Wipro said.

Wipro will begin providing the services to ICICI Bank from September. The deal is expected to close during the quarter ending September 30, 2019.

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