The Indian IT major Wipro has won a large new IT outsourcing deal with London-based Standard Chartered Plc, in what will be a major victory for the company according to sources. It is the second large deal win under Wipro’s newly-appointed CEO, Srini Pallia, who took over the role in July 2023.
The more than $50 million annual revenue stream will boost Wipro’s three-year contract. This follows other news from Wipro about growing its global presence and augmenting its service offerings. Analysts say this deal will strengthen Wipro’s hold as a leading player in the IT outsourcing sector.
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India’s Wipro Ltd has won a large five-year IT outsourcing contract from Standard Chartered Plc, two people familiar with the deal said on Monday. The development is significant for Wipro, which has a new CEO Srinivas Pallia, who took office in July 2023. Analysts said the deal could provide a nice opportunity for Wipro to grow its IT outsourcing business globally.
Details of the Deal
Although the specifics of the contract have not been revealed, it is reported that this is a three-year contract and Wipro may earn over $50 Million every year with this project. This signals a significant revenue addition for the company and is a testament to Wipro’s ability to deliver high-quality IT services. This contract is for services that have not been disclosed but could be anything from app dev or IT infrastructure to cloud services or cyber. Significance for Wipro
In many ways, this Wipro win is significant for multiple reasons. Firstly, it shows the company still has an IT outsourcing foothold in an increasingly competitive and global sense. If Wipro can nail down a pretty big contract with a top-shelf client like Standard Chartered, it can show it knows what it is doing and can go from there way ahead of the crowd. In the second place, this arrangement will come good under the leadership of Srinivas Pallia, suggesting initial signs of responsiveness on the part of early success in executing his strategic vision for Wipro.
This deal is likely to be the first of many under Pallia’s leadership, making the map for continued success for Wipro in the years to come.
