Capgemini, a global leader in consulting, technology services, and digital transformation, has announced its definitive agreement to acquire WNS Holdings, a US-listed digital business process services (BPS) firm, in an all-cash transaction valued at $3.3 billion. This strategic acquisition is set to significantly enhance Capgemini’s capabilities in generative AI (GenAI) and Agentic AI, aiming to create a global powerhouse in Intelligent Operations.
The acquisition price of $76.50 per share represents a 17% premium over WNS’s closing share price on July 3. The boards of both companies have unanimously approved the transaction, which is expected to close by the end of the year, subject to regulatory approvals and the endorsement of the Royal Court of Jersey and WNS shareholders.
This merger is a strategic bet on the evolving $3.8 trillion BPS market, where AI-driven automation is increasingly redefining enterprise operations. Capgemini’s vision is to establish “Intelligent Operations,” where advanced AI automates and reimagines entire business processes. WNS, with its robust Digital BPS arm, generated $1.27 billion in revenue in FY2025 and brings a vast client base of over 600 companies, including prominent names like United Airlines, Aviva, M&T Bank, Centrica, McCain Foods, and Coca-Cola, across finance, healthcare, and telecom sectors.
This extensive portfolio will provide a ready platform for deploying Capgemini’s AI tools, such as the Resonance AI Framework. WNS’s recent acquisition of Kipi.ai, an AI-driven analytics firm, further complements Capgemini’s existing partnerships with NVIDIA and Microsoft.
Keshav Murugesh, CEO of WNS, emphasized the transformative potential of the merger: “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention.”
Capgemini anticipates immediate accretion to its revenue growth and operating margins. The deal is projected to increase Capgemini’s normalized earnings per share (EPS) by 4% in 2026 (pre-synergies) and by 7% in 2027 once full synergies are realized. The company targets €100-140 million in revenue synergies and €50-70 million in annual pre-tax cost and operating model savings by 2027.
While the strategic rationale is strong, the integration of WNS’s 64,505 employees into Capgemini’s Global Business Services division will be a key execution challenge. Despite the complexities of merging such large entities in a competitive BPS market, both companies cite shared values as an advantage in facilitating a smooth integration.
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