Bengaluru: Indian IT giant Wipro has announced a five-year contract worth $500 million from a US-based communication service provider in a regulatory filing on Thursday. Under the terms of the agreement, Wipro will deliver managed services for specific products and industry-specific solutions.
This deal follows the recent leadership change at Wipro, with Srinivas Pallia taking over as CEO just two months ago. Pallia succeeded Thierry Delaporte, who resigned merely seven days into the new fiscal year 2025.
Wipro has faced notable executive changes, including the departure of its chief growth officer and head of large deals, Stephanie Trautman, last December. Trautman's exit came amid Wipro's struggle to secure major deals, despite establishing a growth office three years ago. This office was later disbanded and reorganized into strategic market units (SMUs) under Delaporte's leadership. Large deals, typically valued over $500 million, are crucial revenue drivers for IT services firms.
For the fiscal year 2024, Wipro reported securing $4.6 billion in large deals, without detailing individual contract sizes.
As per reports, In the previous fiscal year, the communications sector contributed the least to Wipro's total revenue at 4.2 percent of $10.8 billion, compared to manufacturing's 6.9 percent, technology's 11.7 percent, and energy, natural resources, and utilities' 11.8 percent. The banking, financial services, and insurance (BFSI) sector remains Wipro's largest market, accounting for 33.4 percent of its business.
ALSO READ: Warehouse in Telangana faces scrutiny over food safety violations
FIRST Business Portal addressing the potential of business capability of North East Region.
