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Technology

Wipro gets $300-million ICICI Bank deal via Vara Infotech

Bengaluru, Sep 5 

Wipro secured a $300-million (Rs 2,156 crore) seven-year deal from the country's leading private sector bank ICICI Bank through Vara Infotech for providing a suite of services, said the IT major on Thursday.

"As Vara provides the services, we will absorb its 3,800 employees along with its contracts, facilities and assets through a business transfer agreement for Rs 321 crore in an all-cash deal," said the city-based software behemoth in a statement here.

The bank contract generated Rs 221.5 crore business for Vara in the fiscal 2018-19.

"The transaction is expected to be completed during the (second) quarter ending September 30 and is subject to customary closing conditions," said the outsourcing firm in the statement.

The company has a major presence in the global banking and financial services sector as it provides solutions to banks by leveraging its artificial intelligence platform Holmes.

"The deal will strengthen our endeavour to provide differentiated technology and digital capabilities to the financial services industry," added the statement.