French IT services giant Capgemini’s acquisition of WNS for $3.3 billion is expected to boost its specialised Business Process Outsourcing (BPO) capabilities, while giving access to a ‘goldmine’ of large clients seeking to convert existing BPO contracts to AI-focused software-as-a-service (SaaS) deals, industry experts have said.
The Capgemini-WNS merger marks one of the biggest IT-BPM consolidation at a time of industry-wide artificial intelligence (AI) boom. Industry experts believe more than acquiring generative AI and agentic AI capabilities - which are still at pilot stages - the acquisition is aimed at gaining access to BPO expertise that WNS brings to the table, a pre-requisite to develop and deploy real-world AI solutions.
Capgemini will also get WNS’ high-quality client base, “a gold mine of sales opportunities,” said Phil Fersht, CEO, HFS Research.
“Seeing the strengthening enterprise preference for technology-centric solutions over low-cost labour, WNS’s purchase by Capgemini provides its shareholders with a perfectly timed exit,” Fersht said.
He added, “In turn, Capgemini acquires WNS’s deep vertical process experience and the ability to mine WNS’s vast client base for sales opportunities focused on enterprise customers’ strongest preference: replacing BPO solutions with Services-as-Software, one of Capgemini’s emerging strengths.”
Together, the merged entity is staring at a $1.5-trillion emerging market opportunity, as WNS provides the ideal incubation business to develop leading-edge Services-as-a-Software (SaaS) to Capgemini.
Capgemini already has strong capabilities in providing enterprise business process services such as Finance and Accounting (F&A) to their clients, this acquisition could help its customers get access to BPO expertise in areas such as insurance, travel and hospitality, banking, etc, said Rajesh Ranjan, managing partner, Everest Group.
Ranjan said excluding contact center, BPS market can be primarily divided into two major categories - IT-heritage providers (Accenture, TCS, Cognizant, Infosys, Wipro, etc.) and non-IT heritage providers (Genpact, EXL, Sutherland, Firstsource, etc.).
“This acquisition does two things - a) It positions Capgemini among leading providers of BPS services across both enterprise function and industry-specific business processes b) It makes the non-IT heritage provider list smaller,” he said.
Deal Structure
As per the definitive transaction agreement signed, Capgemini will acquire WNS for a cash consideration of $76.50 per share, which represents a premium of 17 percent to the last closing share price on July 3, 2025.
The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt.
This transaction will immediately start unlocking cross-selling opportunities for Capgemini while increasing its revenue growth and operating margins, the company noted in a statement.
“The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors,” it added.
Also read: Capgemini acquires WNS for $3.3 billion with a focus in AI capabilities
DD Mishra, VP Analyst at Gartner said ultimately the deal will underscore industry’s move toward a more technology-augmented workforce, where human skills and AI-driven systems combine to deliver enhanced value for clients.
“This is going to improve the competitive positioning of Capgemini and make it easier to serve the clients who have end-to-end requirements, as well as create leadership in the Agentic AI space,” he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
