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, 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.
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