Capgemini has finalized a major $3.3 billion acquisition of Indian BPM company WNS Holdings, marking a key industry deal. Capgemini considers this action a bold move to strengthen its position in the rapidly evolving AI-driven process automation and business services field.
What is the Deal?
The agreement enables Capgemini to build consulting services helping businesses use generative and agentic AI for efficiency and operational improvements. The company anticipates that this service will draw large investments.
According to the official selling agreement, Capgemini would pay US$76.50 per share, which is 17% higher than WNS’ closing share price on Friday, July 4, 2025. Capgemini priced the $3.3B acquisition at 16.3× EBITDA and 2.5× revenue, exceeding industry medians of 11.6× and 1.5×.
Key Advantages
Capgemini and WNS have a strong complementary relationship. By greatly expanding its BPS footprint, Capgemini will diversify its primarily consulting, engineering, and IT-focused group offering through the WNS acquisition. The acquisition will establish the merged company as a broad-based BPS player in the truest meaning of the word.
The acquisition helps Capgemini grow strategically by gaining scale and better market access in North America and the UK. Capgemini will be able to rebalance its sector mix outside its primary concentration on manufacturing and financial services by integrating WNS, which will add depth to its underserved verticals, including insurance, travel, healthcare, and life sciences.
Growth in the BPS Market
WNS is a leader in Digital Business Process Services (BPS), delivering digitally led transformation solutions to clients in eight industries, where it uses its highly automated platforms to provide better business outcomes. This operating model enables vital client engagements, leading to long-term contracts and stable, recurring revenue streams. WNS serves top clients like McCain Foods, United Airlines, Aviva, M&T Bank, and Centrica via its wide delivery network and partners.
WNS’s strong strategy and pricing drove 9% average revenue growth to $1,266M in FY2025, with an 18.7% operating margin.
Strategic partners are constantly needed by multinational corporations to help them transform in order to increase productivity and spur growth. This is still a major factor driving the market for digital BPS, and WNS anticipates revenue growth of +7% to +11% in FY2026.
What the CEOs Said
Capgemini CEO Aiman Ezzat said business process services will showcase agentic AI as companies rapidly adopt it to transform operations.
WNS CEO Keshav Murugesh said they’re combining domain expertise with Capgemini’s AI strengths and reach to accelerate enterprise reinvention.
Conclusion
Capgemini’s $3.3B WNS acquisition marks major IT and BPM sector consolidation driven by the growing adoption of AI technologies. The deal is set to reshape competition by offering clients a powerful mix of technology, consulting, and domain-specific BPS expertise. Industry observers will monitor the deal’s impact on both firms’ growth and the broader AI-driven business transformation market.
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