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Wipro Wins A Strategic Ten Year Total Outsourcing Engagement With ATCO

Stocks in this article: WIT

BANGALORE, India and EDMONTON, July 18, 2014 /PRNewswire/ - Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Business Process Services company, today announced that it has entered into a strategic alliance with Alberta-based ATCO Ltd., one of Canada's premier corporations. As part of this alliance, Wipro will provide total outsourcing solutions to ATCO in Canada and Australia.

Wipro and ATCO have signed a series of Master Services Agreements under which Wipro will provide the complete suite of IT services to ATCO. The arrangement is projected to result in revenues of over CAD 120 million ( USD 112 million) toWipro annually, for the next ten years, up to December 2024.

"This alliance ensures ATCO can focus on growing our core businesses of structures and logistics, utilities, and energy while partnering with Wipro for strategic, innovative IT solutions required to support our global operations," said Brian Bale, Senior Vice-President & Chief Financial Officer, ATCO. "Wipro's deep domain capability and technology-leadership will also ensure we continue to deliver cost-effective services to our customers."

Anand Padmanabhan, Chief Executive - Energy, Natural Resources and Utilities, Wipro said, "We are delighted to collaborate with ATCO in this transformational initiative. Our focus will be to enable ATCO to enhance their competitiveness by deployment of strategic solutions and efficient delivery of IT services. We are confident that our domain expertise combined with the enhanced talent pool will help us support ATCO's growth. We have traditionally had a strong position in the Utilities space in Europe and this engagement provides momentum to our business in Canada and Australia. The alliance with ATCO enhances our capability to create, nurture and tap local talent to power our growth journey in Canada."

Wipro's IT services delivery model will be further strengthened in North America and Australia by ATCO I-Tek, a subsidiary of ATCO with a presence in both these geographies, which will now become a part of Wipro for an all-cash consideration of CAD 210 million ( USD 195 million).   ATCO I-Tek has been providing IT Services to ATCO for the past 15 years.

The transaction is subject to customary closing conditions.

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