Multi-national consulting firm, Capgemini, to acquire WNS in a $3.3 billion deal
In a strategic move to solidify its position in the rapidly evolving AI-driven Intelligent Operations market, Capgemini has announced a definitive transaction agreement to acquire WNS, a leading provider of Digital Business Process Services (BPS), for a cash consideration of $76.50 per WNS share, amounting to a total of $3.3 billion, excluding WNS' net financial debt.
The deal, unanimously approved by both Capgemini's and WNS' Boards of Directors, brings together two industry titans with a shared vision for Intelligent Operations, driven by Generative AI and Agentic AI.
WNS, a trusted partner in business transformation, delivers digital transformation solutions across eight industries and boasts a robust clientele, including blue-chip companies like United Airlines, Aviva, and M&T Bank. The acquisition will provide Capgemini with scale and vertical sector expertise, enabling it to capture the emerging strategic opportunity in Agentic AI-powered Intelligent Operations.
The acquisition will facilitate Capgemini's transition from traditional BPS to Intelligent Operations, leveraging WNS' $1.27 billion in Digital BPS revenue and strong vertical expertise across finance, healthcare, and manufacturing sectors. This domain knowledge, combined with Capgemini's advanced AI platforms—such as the Resonance AI Framework—and partnerships with tech giants like Microsoft and Google, aims to transition clients from labor-intensive outsourcing to autonomous, hyper-automated AI-powered systems that improve efficiency and responsiveness.
Agentic AI, unlike traditional automation, enables business processes to operate autonomously with real-time data-driven decision-making. The acquisition facilitates Capgemini’s ability to offer outcome-based contracts and hyper-automation, which are redefining enterprise operations. This positions Capgemini uniquely to capture the paradigm shift in services from manual BPS to AI-enhanced Intelligent Operations.
The deal strategically taps into a market estimated at $1.5 trillion, projected to expand as demand grows for AI-driven business process innovation. The acquisition unlocks cross-selling and scale effects, enabling Capgemini to better serve 600+ WNS clients and expand its footprint in Intelligent Operations globally.
Capgemini has secured €4 billion in bridge financing to support the acquisition. The combined entities are projected to generate revenues of €23.3 billion in 2024. The merger will create a powerful proposition that accelerates enterprise reinvention by combining 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.
The acquisition is expected to generate €100–140 million in revenue synergies and €50–70 million in cost savings by 2027. Analysts forecast revenue growth and operating margin expansion, with a 4% EPS increase in 2026 and 7% in 2027 post-synergies, underscoring a strong financial rationale for the acquisition.
The merger with Capgemini positions the company as a leader in Digital BPS, with expected combined revenues of €1.9 billion in 2024. WNS brings increased exposure to the US market through the acquisition.
Aiman Ezzat, CEO of Capgemini, is looking forward to welcoming the WNS global team and is confident that the acquisition will establish a leadership position in the rapidly evolving Intelligent Operations market. Timothy L. Main, Chairman of WNS Board of Directors, believes the acquisition will enhance the resilience and agility of clients through advanced AI-driven solutions.
The strategic rationale behind the acquisition centers on positioning Capgemini as a leader in the emerging market of AI-driven Intelligent Operations and accelerating its capabilities in AI-powered business process transformation. This move is both a strategic leap to future-proof Capgemini’s service offerings and a financial play to capitalize on the fast-growing AI-driven Intelligent Operations market.
[1] Capgemini press release, "Capgemini to Acquire WNS for $3.3 Billion," 2022. [2] WNS press release, "WNS Announces Definitive Agreement to be Acquired by Capgemini for $76.50 per Share," 2022. [3] Analyst reports, "Capgemini-WNS Merger: A Game-Changer in AI-Powered Business Process Services," 2022.
The acquisition of WNS by Capgemini, driven by a shared vision for Intelligent Operations, will bring together two industry titans in the technology and finance sectors. This move will provide Capgemini with scale and vertical sector expertise in areas such as finance, healthcare, and manufacturing, enabling it to capture the emerging strategic opportunity in Agentic AI-powered Intelligent Operations.
The deal is strategically positioned to capitalize on the fast-growing AI-driven Intelligent Operations market, with a financial rationale underpinned by expected revenue synergies and cost savings. This acquisition is expected to propel Capgemini's position in the business process services market, leveraging WNS' robust clientele and digital transformation solutions.
