Wipro steps up dealmaking with Olam: Here are its other acquisitions
Wipro has accelerated its dealmaking over the past year as the information technology (IT) services major looks to strengthen its capabilities in engineering, consulting, and artificial intelligence (AI)-led services amid a muted demand environment.
The latest in this push is an over $1 billion, eight-year transformation deal with Singapore-based Olam Group, which also includes the acquisition of its IT arm, Mindsprint, for $375 million.
Let’s take a look at the Bengaluru-based firm’s major acquisitions in the last couple of years:
Olam-Mindsprint deal
The Olam deal marks one of Wipro’s largest recent deals. The mandate includes a spend of $800 million and will be delivered through a consulting-led, AI-powered model.
As part of the transaction, Wipro will acquire Mindsprint in an all-cash deal expected to close by June 30, subject to regulatory approvals, including antitrust clearances in Saudi Arabia and Australia.
Founded in 2007 and headquartered in Singapore, Mindsprint has over 3,200 employees across India, Singapore, the US, the UK and the Middle East, and reported revenue of $135.6 million in calendar year 2025. It will operate as a wholly owned subsidiary of Wipro, even as its leadership continues.
Meanwhile, shares of Wipro rallied as much as 3% to the day's high of Rs 201 on the BSE on Monday after the company announced the deal.
Harman DTS acquisition
Earlier, in December 2025, Wipro completed the acquisition of Harman’s Digital Transformation Solutions (DTS) business for $375 million.
The acquisition strengthened Wipro’s engineering and research and development (R&D) capabilities, particularly in areas such as embedded systems, product engineering, and AI. It also brought in over 5,600 employees across key markets, including the US, Europe, and Asia.
ET first reported on August 14 that Wipro is competing with PE fund Warburg Pincus to acquire the Harman India DTS business.
Phoenix deal
In addition to acquisitions, Wipro has also signed large, long-term outsourcing contracts. In March 2025, the company secured a £500 million (around $650 million) 10-year deal with UK-based Phoenix Group, a life insurance and pensions provider.
Under the contract, Wipro Financial Outsourcing Services Ltd (WFOSL), its FCA-regulated entity, provides policy administration, claims processing, customer service, data management, compliance support, and platform services for Phoenix’s ReAssure business. The deal also involved employee transitions, contributing to workforce expansion.
Wipro added 6,529 employees in the October-December quarter, taking its total headcount to 242,021. The increase was largely driven by the integration of the Harman DTS business and employee rebadging linked to large deals such as Phoenix.
Also Read: Wipro Enterprises eyes entry into semiconductor sector
Financial strain
The deal momentum comes even as Wipro faces near-term financial pressures.
In the December quarter (Q3 FY25), the company reported a 7% year-on-year (YoY) decline in net profit to Rs 3,119 crore, impacted by restructuring costs and one-time charges related to the implementation of the new labour code.
Total deal bookings fell 29% sequentially to $3.3 billion and were down 5.7% YoY, while large deal bookings declined 8.4% to $0.9 billion, reflecting slower ramp-ups. For the March quarter, Wipro has guided for revenue of $2.63–$2.68 billion, implying 0–2% sequential growth in constant currency terms.
Also Read: IT large caps back on acquisition track to boost skills, footprint
The latest in this push is an over $1 billion, eight-year transformation deal with Singapore-based Olam Group, which also includes the acquisition of its IT arm, Mindsprint, for $375 million.
Let’s take a look at the Bengaluru-based firm’s major acquisitions in the last couple of years:
Olam-Mindsprint deal
The Olam deal marks one of Wipro’s largest recent deals. The mandate includes a spend of $800 million and will be delivered through a consulting-led, AI-powered model.
As part of the transaction, Wipro will acquire Mindsprint in an all-cash deal expected to close by June 30, subject to regulatory approvals, including antitrust clearances in Saudi Arabia and Australia.
Founded in 2007 and headquartered in Singapore, Mindsprint has over 3,200 employees across India, Singapore, the US, the UK and the Middle East, and reported revenue of $135.6 million in calendar year 2025. It will operate as a wholly owned subsidiary of Wipro, even as its leadership continues.
Meanwhile, shares of Wipro rallied as much as 3% to the day's high of Rs 201 on the BSE on Monday after the company announced the deal.
Harman DTS acquisition
Earlier, in December 2025, Wipro completed the acquisition of Harman’s Digital Transformation Solutions (DTS) business for $375 million.
The acquisition strengthened Wipro’s engineering and research and development (R&D) capabilities, particularly in areas such as embedded systems, product engineering, and AI. It also brought in over 5,600 employees across key markets, including the US, Europe, and Asia.
ET first reported on August 14 that Wipro is competing with PE fund Warburg Pincus to acquire the Harman India DTS business.
Phoenix deal
In addition to acquisitions, Wipro has also signed large, long-term outsourcing contracts. In March 2025, the company secured a £500 million (around $650 million) 10-year deal with UK-based Phoenix Group, a life insurance and pensions provider.
Under the contract, Wipro Financial Outsourcing Services Ltd (WFOSL), its FCA-regulated entity, provides policy administration, claims processing, customer service, data management, compliance support, and platform services for Phoenix’s ReAssure business. The deal also involved employee transitions, contributing to workforce expansion.
Wipro added 6,529 employees in the October-December quarter, taking its total headcount to 242,021. The increase was largely driven by the integration of the Harman DTS business and employee rebadging linked to large deals such as Phoenix.
Also Read: Wipro Enterprises eyes entry into semiconductor sector
Financial strain
The deal momentum comes even as Wipro faces near-term financial pressures.
In the December quarter (Q3 FY25), the company reported a 7% year-on-year (YoY) decline in net profit to Rs 3,119 crore, impacted by restructuring costs and one-time charges related to the implementation of the new labour code.
Total deal bookings fell 29% sequentially to $3.3 billion and were down 5.7% YoY, while large deal bookings declined 8.4% to $0.9 billion, reflecting slower ramp-ups. For the March quarter, Wipro has guided for revenue of $2.63–$2.68 billion, implying 0–2% sequential growth in constant currency terms.
Also Read: IT large caps back on acquisition track to boost skills, footprint
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