Stock Market Today: Wipro share price gained in the morning trades on Thursday following its announcements on Wednesday, post market hours, about £500 million Strategic Deal with UK Insurance Giant Phoenix Group
Wipro announced about winning the £500m Strategic Deal. The deal won by Wipro and from the UK Insurance Giant Phoenix Group is for £500 million
The strategic deal is for 10 years and will include platform-based, regulated Third-Party Administration.
The Phoenix Group is the UK’s largest long-term savings and retirement business. The project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation
Under the terms of the deal, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Group’s ReAssure customers. These services will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, as well as Platform Technologies.
Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Ltd said, “This strategic engagement with Phoenix Group reflects our commitment to leveraging our deep transformation expertise around process and technology – including cloud, data, and AI to drive increased operational agility for clients in the financial services sector. We are thrilled to partner with Phoenix Group at this critical juncture of their transformation journey and supporting them as they look to navigate an ever-evolving digital landscape.
The deal is net-new and would start to ramp up gradually from 3QFY26, said Kotak Institutional equities. The deal is notable since it marks Wipro’s entry into an account that has been a stronghold for TCS. This is the second mega deal over the past four quarters for Wipro and highlights the improvement in GTM and large deal focus under the current leadership, added Kotak.
However as per Kotak Institutional Equities, Wipro has had multiple false starts in the past and nwould need more of such wins to lend credibility to turnaround efforts.
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