Wipro shares soar on news of $1.6 billion deal with US firm
Following news of the deal with Alight Solutions LLC, shares in the Indian software giant surged 9% on the Bombay Stock Exchange
Shares in Indian software giant Wipro surged 9% on the Bombay Stock Exchange (BSE) in Monday morning trade after the company announced on Sunday that it had won its largest contract to date from US-based Alight Solutions LLC.
On the BSE Wipro opened at 328 rupees, up from the previous close of 301.65 rupees; at 10.30 am it was trading at 316 rupees.
Wipro had released news of a 10-year contract to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions, a leader in technology-enabled health, wealth, HR and finance solutions.
The announcement claimed that the deal would generate US$ 1.6 billion in revenues over 10 years. The contract follows a strategic alliance between the two companies that was announced in July. Wipro announced then that it was investing US$ 117 million in Alight and acquiring its captive India unit.
According to the deal, Wipro will drive digital transformation across Alight’s offers in health, wealth, HR, and finance solutions, among others.
Previous to the Alight deal, Wipro’s biggest success came in June 2014, when it secured a US$ 1.1-billion outsourcing deal with Canadian logistics firm ATCO.