Capgemini (a global business and technology transformation partner) and WNS (a leading digital-led business transformation and services company) announced that they have entered into a definitive transaction agreement under which Capgemini will acquire WNS for a cash consideration of $76.50 per WNS share, which represents a premium of 28% to the 90-day average share price from the time the deal was announced.
The total cash consideration will amount to $3.3 billion, excluding WNS’ net financial debt. And the deal has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.
WNS is a trusted partner in business transformation, combining industry expertise with business process management, technology, analytics, and AI. This enables WNS to deliver digital transformation solutions across eight industries, helping clients achieve stronger business outcomes with highly automated platforms. As a leader in Digital Business Process Services (BPS), WNS engages in long-term contracts with blue-chip clients like United Airlines, Aviva, and M&T Bank.
The merger with Capgemini positions the company as a leader in Digital BPS, with expected combined revenues of €1.9 billion in 2024. This partnership will enhance Capgemini’s ability to support clients in their business and technology transformations while unlocking cross-selling opportunities and building capabilities for Intelligent Operations.
Intelligent Operations leverages Generative AI and Agentic AI to redesign business processes, focusing on efficiency, speed, and agility through hyper-automation. This transition marks a shift from labor-intensive services to consulting-led, tech-driven solutions, addressing the demand for end-to-end value creation.
The collaboration between Capgemini and WNS will create a powerhouse in Intelligent Operations, utilizing Capgemini’s significant investments in AI and partnerships with companies such as Microsoft and Google. The combined entities are projected to generate revenues of €23.3 billion in 2024, with anticipated revenue synergies of €100 million to €140 million by 2027 and cost synergies of €50 million to €70 million.
Capgemini has secured €4 billion in bridge financing to support the acquisition and plans to refinance with existing cash and debt issuance.
KEY QUOTES:
“Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations. Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.”
“WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”
Aiman Ezzat, Chief Executive Officer of Capgemini
“As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy. 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. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”
Keshav Murugesh, Chief Executive Officer of WNS
“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market. This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”
Timothy L. Main, Chairman of WNS Board of Directors
