By Abhay Ray 
Introduction
French MNC Capgemini SE is set to acquire IT outsourcing company WNS Holdings for $3.3 billion, in a bid to expand its artificial intelligence (AI) operations, as per a Bloomberg report on July 7.
It added that Capgemini beat out rivals at the bid, buying out the smaller US-listed firm for $76.50 per share, a premium of about 28 per cent to WNS’s average price over the past 90 days. This is also a 17 per cent premium compared to their last closing price on July 3 and does not include WNS’s financial debt, another Reuters report added, citing the company release.
WNS (World Network Services) in India
Established by British Airways in Mumbai in 1996, WNS (Holdings) Ltd has grown into a major player in the global Business Process Management (BPM) space, with India serving as the cornerstone of its operations. Headquartered in Vikhroli, Mumbai, WNS’s Indian presence spans 25 delivery centres across the country and employs close to 40,000 professionals. These centres blend large-scale transaction processing with high-value, domain-specific services through dedicated centres of excellence, making India integral to WNS’s global delivery strategy.
India contributes more than 50 per cent of WNS’s global revenue, highlighting its critical role in the company’s worldwide footprint. Key Indian cities such as Mumbai, Pune, Noida, Chennai, Bengaluru, Gurugram, Indore, Nashik, Visakhapatnam (Vizag), and Hyderabad host its major operations.
In March 2024, WNS significantly expanded in Hyderabad, opening a 60,000-square-foot facility in Nanakramguda. The centre, designed to support digital transformation for sectors including shipping and logistics, healthcare, BFSI, and high-tech, employs around 1,400 people and operates in multiple shifts.
The Vizag delivery centre exemplifies WNS’s rapid growth in India. From fewer than 50 employees in 2012, the centre now houses over 3,300 staff, more than 2,000 of whom were added in just the past two years. It provides digital-first BPM services tailored to specific industries. WNS’s Indian operations also include centres of excellence in key domains such as analytics, insurance, banking, finance and accounting, healthcare, travel, and logistics. This domain-led, technology-enabled model reinforces India’s role as the heart of WNS’s global service delivery engine.
Who is Keshav Murugesh
Chennai-born Keshav Murugesh serves as Group Chief Executive Officer and Member of the Board of Directors of WNS. Based in London, Keshav is responsible for executing the business strategy and directing the overall performance and growth of the organization. Murugesh took his B.Com degree from Andhra University in 1984 and FCA from the Institute of Chartered Accountants of India (ICAI) in 1988.
He is the Chairman of The Confederation of Indian Industry (CII) UK India Business Forum (IBF). He has been closely associated with NASSCOM, the apex industry body for Indian IT and Business Process Management (BPM) companies, in various capacities — Chairperson of NASSCOM (2019-20), Chairperson of the Business Process Management (BPM) Council (2015-17), and currently, as a member of the National Executive Council. Prior to WNS, he held several leadership positions in global companies, including President and CEO of Syntel Inc. and VP, Finance, ITC Ltd. (an affiliate of BAT Plc). Keshav is a social evangelist who introduced the first-ever Cyber Crime educational series for the Mumbai Police through WNS and NASSCOM. He is the Co-chief mentor of Kalpataru Center of Entrepreneurship (CoE), which was established under the guidance of Software Technology Parks of India (STPI) to promo
The 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.
Capgemini’s Earnings and Earnings Impact
The acquisition of WNS will increase Capgemini’s total revenue in 2024 to €23.3 billion (from €22.1 billion previously). 4% EPS growth by 2026 (before synchronization) 7% EPS growth by 2027 (after synchronization and AI-automation)
Synergies – €100-140 million revenue growth expected by 2027. €50-70 million annual cost saver, which will further strengthen operating margins.
What is Special About WNS and Change with AI
- Deep expertise in 8 key sectors
- Long-term clients and regular revenue
- Revenue in FY25: €1.2 billion, operating margin 18.7%.
- Revenue growth target for FY26: 7-11%
UBS says that AI is both a threat and an opportunity for the BPO industry. If Capgemini combines WNS’s industry-knowledge with its AI-systems, a “Next-Gen Intelligent Operations Platform” can be created.
What does this Deal Mean
The UBS report said that automation tools like AI can replace traditional BPOs in the future, but WNS has vertical industry knowledge. If Capgemini connects it to technology correctly, it can be a game changer in the BPO industry.
This deal of Capgemini is being considered a strategic move not just to increase scale, but to reinvent the BPO industry in the AI era. WNS’ expertise and Capgemini’s technical strength can combine to create a platform that will move from a people-based model to machine-assisted delivery.
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