Wipro Seals A Big $500 Million Deal With US Firm

The Indian multinational corporation Wipro recently secured a monumental $500 million five-year contract with a US communication service provider. This is a significant milestone for Wipro, marking the first major deal under its new CEO (Chief Executive Officer), Srini Pallia. Under this contract, Wipro will provide the US firm with maintenance services for selected goods and industry-specific solutions. The Bengaluru headquartered IT corporation Wipro has yet to disclose the customer’s name. 

Wipro’s chief growth officer, Stephanie Trautman, resigned in December 2023 after the company failed to bag any major deal in the year. At that time, Thierry Delaporte was the CEO of Wipro. That year, a growth office was formed to plan Wipro’s approach to big deals but was dispersed into (SMUs) strategic market units. 

Around a month ago, the IT firm announced a multi-billion dollar deal with Nokia to offer real-time IT support to its employees. However, the company didn’t share the exact size of the deal. Wipro has also announced 4.6 billion dollars worth of large deals for FY 2024 without individual contract sizes. 

Before 2024, Wipro demonstrated its versatility and adaptability by sealing a $500 million contract with US cosmetic firm Estee Lauder in 2021. In that contract, Wipro provided application development, maintenance, and infrastructure management services. In the same year, Wipro won a deal from Telefonica Germany. Wipro also won its largest contract with German retailer Metro in 2020, which analysts valued at $700 million. 

Wipro announced the deal with the US firm on Thursday, 6 June 2024. Before this announcement, Wipro’s shares closed at Rs 461, which is 2.06% higher than its last close.

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