Capgemini has announced a definitive agreement to acquire WNS, a mid-sized Indian IT firm, for $3.3 billion in cash. This marks a significant step towards establishing a global leadership position in agentic AI.
The deal, unanimously approved by the boards of both companies, values WNS at $76.50 per share—a premium of 28% over the 90-day average and 17% above the July 3 closing price.
The acquisition is expected to immediately boost Capgemini’s revenue growth and operating margin, with normalised EPS accretion of 4% by 2026, increasing to 7% post-synergies in 2027.
“Enterprises are rapidly adopting generative AI and agentic AI to transform their operations end-to-end. Business process services (BPS) will be the showcase for agentic AI,” Aiman Ezzat, CEO of Capgemini, said.
“Capgemini’s acquisition of WNS will provide the group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to agentic AI-powered intelligent operations.”
Pending regulatory approvals, the transaction is expected to close by the end of 2025.
WNS’ integration is expected to strengthen Capgemini’s presence in the US market while unlocking immediate cross-selling opportunities through its combined offerings and clientele.
WNS, which reported $1.27 billion in revenue for FY25 with an 18.7% operating margin, has consistently delivered a revenue growth of around 9% over the past three fiscal years.
“As a recognised leader in the digital BPS space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients,” Keshav R Murugesh, CEO of WNS, said. “Organisations that have already digitised are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy.”
The companies expect to drive additional revenue synergies between €100 million and €140 million, with cost synergies of up to €70 million annually by the end of 2027.
“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey,” Timothy L Main, chairman of WNS’ board of directors, said.
Capgemini, already a major player with over €900 million in GenAI bookings in 2024 and strategic partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA, aims to solidify its position as a transformation partner for businesses looking to embed agentic AI at scale.
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