IT giant Wipro Limited has successfully bagged a strategic seven-year deal valued at $300 million from private lender ICICI Bank to provide a suite of digital services.
The transaction is likely to be accomplished during the quarter ended 30 September.
“Wipro has a significant presence as an IT services provider in the global banking and financial services sector. Wipro provides innovative solutions to banks by leveraging Wipro HOLMES™, the company’s Artificial Intelligence platform. This engagement will further strengthen our endeavour to provide differentiated technology and digital capabilities to the financial services industry,” said the company in a BSE filing.
Currently, Vara lnfotech enables these services to ICICI Bank.
As part of this strategic partnership, 3,800 employees of Vara lnfotech along with its existing contracts, facilities and assets will now be a part of Wipro. It will all be done via a business transfer agreement for an all-cash consideration worth Rs 321.
Wipro will be offering these services to ICICI Bank from September 2019.
This is the maidan major deal that the IT major has secured sealed after its founder Azim Premji handed over the leadership to his son Rishad Premji on 31 July.