IT services giant Wipro has secured a $500 million deal with a prominent US communication service provider for a duration of five years, as announced in a filing to the stock exchanges. The deal entails Wipro offering managed services for specific products and industry solutions. Further details of the agreement were not disclosed by Wipro.
The communication sector of Wipro witnessed a 14.7% decline year-on-year, contributing 4.2% to the total revenue in FY24. Deals valued between $500 million and $1 billion play a significant role in the revenue growth of top-tier IT services companies. Wipro reported large deal bookings of $1.2 billion in Q4, representing a 9.5% increase year-on-year in constant currency.
Srinivas Pallia, the newly appointed CEO of Wipro, emphasized accelerating growth as the company’s immediate priority. Enhancing the momentum of large deals by collaborating closely with clients and partners is one of the key focus areas outlined by Pallia during the Q4 earnings call. The deal was first published on Jun 06, 2024, at 5:45 PM IST and updated at the same time.