Wipro Secures USD 500 Million Deal From US Communications Provider By CIOTechOutlook Team

Wipro Secures USD 500 Million Deal From US Communications Provider

CIOTechOutlook Team | Friday, 07 June 2024, 09:13 IST

Wipro, an Indian IT major, has signed a five-year deal for $500 million with a US-based communication service provider, the firm announced in a filing on Thursday. As part of the agreement, Wipro will offer managed services for certain products as well as industry-specific solutions.

The significant deal comes just two months after its new CEO, Srinivas Pallia, took over following the resignation of former CEO Thierry Delaporte just seven days into the new fiscal year 2025.

Stephanie Trautman, Wipro's chief growth officer and head of large transactions, resigned in December after the Bengaluru-based IT services giant failed to land a major mega deal in three years since establishing a growth office. The growth office, which was founded to strategize Wipro's approach to large agreements, was dismantled and divided into strategic market units (SMUs) overseen by then-CEO Delaporte.

Large or mega transactions or contracts are often worth more than $500 million and are major revenue generators for most IT services companies. More than a month ago, Wipro announced a multibillion-dollar agreement with Nokia to modernize its employee service desk and provide real-time IT help to its global network of employees, without specifying the scale. Wipro announced $4.6 billion in significant acquisitions for fiscal year 24. However, individual contract sizes were not disclosed.