Capgemini's acquisition of WNS marks a significant consolidation in the rapidly evolving AI consulting market, as major technology firms increasingly turn to strategic acquisitions rather than internal development to expand their AI capabilities.
The $3.3 billion all-cash deal will combine Capgemini's consulting-led approach and technology expertise with WNS's deep domain knowledge and industry-specific AI solutions. WNS brings over 64,500 professionals across 64 delivery centers worldwide and serves more than 600 clients, including major brands like United Airlines, Aviva, and Coca-Cola.
"Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI," said Aiman Ezzat, CEO of Capgemini. The acquisition provides Capgemini with the scale and vertical sector expertise to capture the emerging strategic opportunity created by the shift from traditional business process services to AI-powered intelligent operations.
WNS has demonstrated strong financial performance, with approximately 9% constant currency revenue growth over the past three years, reaching $1.27 billion in fiscal year 2025 with an 18.7% operating margin. The combined entity is projected to generate annual revenue of €23.3 billion with an improved operating margin of 13.6%.
The deal is expected to be immediately accretive to Capgemini's revenue growth and operating margin, with normalized earnings per share increasing by 4% in 2026 and 7% by 2027 after synergies. Annual revenue synergies are estimated between €100-140 million, with cost savings of €50-70 million by the end of 2027.
This acquisition reflects the broader trend of consolidation in the AI consulting market, which is projected to grow at a CAGR of over 21% through 2034. As enterprises increasingly seek strategic partners to support their AI-driven transformation initiatives, technology consulting firms are racing to build comprehensive capabilities through strategic acquisitions rather than slower organic growth.