Capgemini, the French technology and consulting powerhouse, announced on July 7, 2025, that it will acquire WNS Holdings for $3.3 billion in an all-cash deal, marking one of the largest acquisitions in the business process services sector this year.
The transaction values WNS at $76.50 per share, representing a 28% premium over its 90-day average share price. The deal has received unanimous approval from both companies' boards and is expected to close by the end of 2025, subject to regulatory approvals.
This acquisition is strategically positioned to capitalize on the growing enterprise shift toward AI-driven operational models, particularly agentic AI – systems designed to operate autonomously. "Business process services will be the showcase for Agentic AI, and Capgemini's acquisition of WNS will provide the group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity," stated Capgemini CEO Aiman Ezzat.
WNS brings significant strengths to the table, including deep domain expertise in banking, financial services, insurance, and healthcare. The Mumbai-headquartered company serves over 600 clients across 13 countries, including major brands like United Airlines, Aviva, and Coca-Cola. With 64,505 professionals across 64 delivery centers worldwide as of March 2025, WNS has achieved consistent revenue growth, reaching $1.27 billion in fiscal year 2025 with an impressive 18.7% operating margin.
The combined entity will create a formidable player in the Digital Business Process Services (BPS) market with combined revenues of €1.9 billion ($2.05 billion). Capgemini expects the acquisition to be immediately accretive, boosting its normalized earnings per share by 4% before synergies in 2026 and 7% post-synergies in 2027. The company anticipates annual revenue synergies between €100-140 million and cost savings of €50-70 million by the end of 2027.
This deal reflects the broader consolidation trend in the AI consulting market, which is projected to grow from $11.07 billion in 2025 to $90.99 billion by 2035. As enterprises increasingly adopt AI to transform their operations, consulting firms are racing to build comprehensive capabilities that blend industry expertise with advanced AI technologies.
"As a leader in the digital business process services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients," said WNS CEO Keshav Murugesh. "Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core, shifting from automation to autonomy."