Wipro sets sights on securing AI, cloud deals
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7 months ago 02:27:39pm Television

Wipro sets sights on securing AI, cloud deals

New Delhi, July 24-2023, By IBW Team

WIPRO

Wipro, under the leadership of Jatin Dalal, is directing its efforts towards securing contracts in artificial intelligence and cloud computing.

As the global economic challenges have affected IT businesses and caused clients to trim discretionary spending, Wipro is keen on accelerating its transformation process.

The company is investing substantially in both its workforce and technology to foster a more agile and efficient organization.

Despite the recent moderation in tech spending after a period of rapid growth, Wipro recognizes the potential of AI and cloud transformation and aims to maximize opportunities in these areas.

Highlighting their success in Europe, Dalal pointed out that Wipro’s business in the region has grown significantly, from $2 billion to over $3 billion in the last three years, Financial Express reported.

The company attributes this success to its evolving business model, which enables them to win large transformation deals, capitalize on market consolidation, and strengthen relationships with existing clients.

Wipro’s expansion in Europe has been bolstered by strategic acquisitions, including Capco for $1.45 billion and 4C, a prominent Salesforce partner in the UK, Europe, and the Middle East. These acquisitions reflect Wipro’s long-term vision of becoming a preferred partner for solving complex business challenges.

Europe has emerged as the fastest-growing region for Wipro in Q4 of FY23 and FY23, with revenues showing an increase of 9.5 percent YoY in constant currency terms for Q4 and 12.3 percent YoY in FY23. In Q1 of FY24, Europe continued its growth with a 4.1 percent YoY increase.

Regarding employee productivity, Wipro is committed to enhancing the uptime and productivity of its entire workforce. The company emphasizes sustained high performance and acknowledges the significance of rewarding consistently exceptional employees. Additionally, they are increasing automation to aid in this pursuit.

Wipro’s focus on securing large deals has yielded positive results. In FY’22, the company booked large deals with a total contract value (TCV) of $2.3 billion. This figure grew substantially in FY23, with 55 large deals signed, amounting to a TCV of $3.9 billion, marking a 66.5 percent YoY growth. Moreover, in Q1 of FY24, Wipro signed 10 large deals, totaling a TCV of $1.2 billion.


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