WIPRO acquires CAPCO for $1.45 billion

WIPRO acquires CAPCO for 1.45 billion dollar. This acquisition will help WIPRO expand business in Europe and Asia.

Wipro announced acquisition of London based consulting firm Capco from $1. 45 billions. This acquisition will make Wipro one among the most important end-to end global consulting, technology and transformation service provider to the banking and financial services industry. And this will help have access to 30 new large BFSI clients. New clients from banking, and insurances. This will increase Wipro margin 2% in first year and it will improve in future due to revenue and cost efficiency . Wipro believes there are significant synergies to be realized through cross-selling.

This is Wipro’s largest acquisition ever, will also give the Indian tech services giant a strong consulting footprint. The company can now patriciate in large transformational deals given consulting expertise. And more importantly its signals more aggressive go-to-market approach for Wipro.

Wipro aims to become the world’s largest consulting and tech service agency for the banking firms

Capco serves financial instructions across the America, Europe and Asia- pacific regions. And it is the largest acquisition COVID-19 led to surge in Capco makes96% of it’s revenue from Europe and north America. Capco which employs about 5,000 consultants and raised about $80m from investors 20 years ago.

TecMarketView analyst Duncan Aitchison acknowledged Wipro already generates 30 per cent of its global sales from the financial services sector.

Wipro said the acquisition creates a global financial services business of $3. 2 billion, up from the current $2. 5 billion, with a strong consulting and business transformation.

The words from the chairman of Wipro Rishad Premji says the Capco will bring us over $700 m in revenue& over 5000 consulting and domain specialists, Capco will bring significant scale to BFSI business. This deal will help to make Premji’s wealth of $27. 6 billion and ranked 3rd in the India’s richest man list.

Wipro is increasingly chasing clients in Europe and Asia. The firm last year landed orders from European clean energy firms Fortum and E.On. It has publicly stated that it is also looking to acquire firms.

AT&T Resets Millions of Customer Passcodes After Data Leak: What You Need to Know

AT&T recently confirmed a significant data breach affecting over 7.6 million current customers and 65 million former customers. The leaked information, which dates back to 2019 or earlier, includes personal details like names, addresses, phone numbers, and social security numbers. Fortunately, financial information and call history were not compromised. In response to the breach, AT&T has reset passcodes for affected customers. Passcodes, usually four-digit numbers, serve as an additional layer of security when accessing accounts. However, security experts warn that the encrypted passcodes leaked alongside customer information could be easily deciphered, posing a risk of unauthorized account access. Affected customers are advised to set up free fraud alerts with major credit bureaus and remain vigilant for any suspicious activity related to their accounts. AT&T is proactively reaching out to impacted customers via email or letter to inform them about the breach and the meas...

Signal Introduces Usernames for Encrypted Messaging: A Secure Way to Connect

Signal, the encrypted messaging service, is launching a new feature in the coming weeks: support for usernames. This beta feature allows users to establish unique usernames, enabling connections without divulging phone numbers. source: Signal Blog To create a username, navigate to your settings and select "Profile." Once you've chosen a unique username, generate a QR code or link to share with others. Recipients can connect by entering your username into the chat bar. Usernames can be changed at any time, though previous usernames may be claimed by others. Signal began testing usernames last fall. Unlike social media platforms, Signal usernames do not serve as logins or public handles. They offer a discreet means of communication without revealing personal phone numbers. While a phone number is required to register for Signal, sharing it is optional. Usernames remain private and do not appear on profiles or in chats unless shared explicitly. As Randall Sarafa, Signal'...

Wordpress.com is selling user data to AI companies

In September 2023, WordPress.com quietly updated a developer page about accessing a "Firehose" of around a million daily WordPress posts, clarifying that these feeds are intended for search engines, AI products, and market intelligence providers. This change, which was not previously noted, has sparked discussion, especially after revelations that Automattic, the owner of WordPress.com and Tumblr, plans to share user data with OpenAI and Midjourney. The recent buzz surrounds questions about which WordPress blogs are included, data retroactivity for opt-outs, and the lack of transparency from Automattic. This company has been selling access to post data for years, including through the Jetpack plugin, but has recently announced exclusions for select AI partners. Automattic's deals with OpenAI and Midjourney are particularly contentious as they aim to enhance generative AI tools. This data sharing, facilitated by partners like SocialGist and DataStreamer, offers insights in...

THEHACKCITY

Search This Blog