India-based IT service provider Wipro has secured a $500 million technology contract from a leading US communication service provider over a period of five years.
Wipro, in a stock exchange filing, said it would provide managed services for products and industry-specific solutions to the US-based firm.
Wipro, however, did not divulge the name of the US-based company. Leading telecom operators in the US are AT&T, Verizon and T-Mobile.
Wipro generated 4.2 percent of its total revenue from the communications industry. Wipro generated 60 percent of its annual revenue from Americas. Wipro had clocked annual revenue of $10,805 million (down 3.8 percent) during the last financial year as clients lowered IT spending.
The deal with telecom service provider is significant for Wipro. In Americas-I region, Wipro had booked eight large deals in Q4, adding up to a total contract value of 587 million. In Americas-II market, Wipro generated almost 60 percent of its revenues from the BFSI sector.
Wipro competes with Tech Mahindra, Accenture, IBM, Infosys, Tata Consultancy Services (TCS), HCL Technologies, Cognizant, among others.
Last month, more than three-fourths of Wipro’s public shareholders voted against the $4.33 million cash severance to former CEO Thierry Delaporte. Nearly 80 percent of public shareholders voted against the cash compensation awarded to Thierry Delaporte, according to a recent stock exchange filing. Thierry Delaporte resigned as Managing Director and CEO of Wipro on April 6.
Baburajan Kizhakedath
