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Wipro Cited As Leader And Star Performer In Banking IT Outsourcing By Everest Group

Stocks in this article: WIT

Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Business Process Services company today announced that it has been cited as a ‘Leader’ and ‘Star Performer’ by Everest Group, a global independent consulting and research firm, in its recently released report ‘IT Outsourcing in Banking – Service Provider Landscape with PEAK Matrix TM Assessment 2014’.

The study analysed the capabilities of 28 leading Applications Outsourcing service providers, specific to the global banking sector who were mapped on Everest Group’s Performance, Experience, Ability, Knowledge (PEAK) Matrix. In the report, Everest Group recognized Wipro’s Banking and Financial Services (BFSI) unit for showing the strongest forward movement on the PEAK Matrix, both in terms of market success and capability advancements.

Rajan Kohli, Senior Vice President & HeadBanking & Financial services, Wipro Ltd said, “This recognition is a reflection of the confidence our clients have in us and our focus on execution excellence. We continue to make investments in technologies, platforms and innovative value propositions that help our banking clients enhance revenue, reduce cost and manage their risk better.”

Jimit Arora, Vice President, Everest Group stated, “In an environment where banks are focused on revenue expansion, cost control, and managing compliance spend, we are witnessing consolidation of spend to fewer, high performing service providers. Wipro’s investments in domain-centric solutions and solid account management resulted in top-quartile performance in Banking AO deal activity and revenue growth, and contributed to the rating of Leader and Star Performer in the Everest Group PEAK Matrix™.”

The Banking Applications Outsourcing market, represented by 28 service providers, scaled up to US $6.3Bn in revenue and 175,000 FTE’s spread across 20+ delivery countries.

About Wipro Ltd.

Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of over 140,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

Copyright Business Wire 2010

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