Company:Wipro

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Short description: Multinational IT services and consulting company


Wipro Limited
Wipro
FormerlyWestern India Vegetable Products Limited (1945-1977)
Wipro Products Limited (1977-1982)
TypePublic
IndustryInformation technology
Founded29 December 1945; 78 years ago (29 December 1945)
FounderM.H.Hasham Premji
HeadquartersSarjapur Road,
Bangalore
,
India
Area served
Worldwide
Key people
  • Rishad Premji (Executive Chairman)
  • Thierry Delaporte (CEO)
Services
RevenueIncrease US$11 billion[1] (2023)
Increase US$1.8 billion[1] (2023)
Decrease US$1.4 billion[1] (2023)
Total assetsIncrease US$15 billion[1] (2023)
Total equityIncrease US$9.8 billion[1] (2023)
OwnerAzim Premji (73.85%)[2]
Number of employees
240,000[3]
Subsidiaries
Websitewww.wipro.com

Wipro (stylized in lower case as wipro) is an Indian multinational corporation that provides information technology, consultant and business process services. It is one of the leading Big Tech companies.[4] Wipro's capabilities range across cloud computing, computer security, digital transformation, artificial intelligence, robotics, data analytics, and other technology consulting services to customers in 167 countries.[5]

History

Early years

The company was incorporated on 29 December 1945 in Amalner, India, by Mohamed Premji.[6][7][8] In 1966, after Mohamed Premji's death, his son Azim Premji took over Wipro as its chairperson at the age of 21.[9]

Shift to IT

During the 1970s and 1980s, the company shifted its focus to new opportunities in the IT and computing industry, which was at a nascent stage in India at the time. On 7 June 1977, the name of the company changed from Western India Vegetable Products Limited, to Wipro Products Limited.[7] In 1982, the name was changed again, from Wipro Products Limited to Wipro Limited. In 1999, Wipro was listed on the New York Stock Exchange.[citation needed] In 2004, Wipro became the second Indian IT company to earn US$1 billion in annual revenue.[10]

In 2012, Wipro demerged its non-IT businesses into a separate company called Wipro Enterprises.[11][12][13] Prior to this demerger, these businesses, mainly in the consumer care, lighting, furniture, hydraulics, water treatment, and medical diagnostics, contributed about 10% of Wipro's total revenues.[14][15][16]

In March 2023, Wipro opened its American international headquarters at Tower Center in East Brunswick, Middlesex County, New Jersey.[17]

Notable acquisitions

In 2006, Wipro acquired California -based technology company cMango in an all cash deal.[18]

In 2012, Wipro acquired Australian analytics company, Promax Applications Group for A$35 million in an all cash deal.[19]

In 2015, Wipro acquired Denmark-based design consultancy Designit for €85 million.[20]

In 2016, Wipro acquired cloud services consultancy Appirio for $500 million.[21]

In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer experience consultancy.[22]

In March 2021, Wipro acquired Capco, a 22-year-old global technology and management consultancy specializing in driving digital transformation in the financial services industry.[23][24] Wipro signed an agreement to acquire Ampion for a cash consideration of $117 million.[25][26]

In 2022, Wipro acquired American consulting firm Convergence Acceleration Solutions (CAS) for $80 million.[27] This was followed by the acquisition of Rizing Intermediate Holdings, a US-based SAP consultancy company, for $540 million.[28][29]

Listing and shareholding

Wipro's equity shares are listed on Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index,[30] and the National Stock Exchange of India where it is a constituent of the NIFTY 50.[31] The American Depositary Shares of the company are listed on the New York Stock Exchange (NYSE) since October 2000.[32]

As of September 2023, the promoter group headed by Azim Premji held a 72.93% stake in the company, while the remaining shares were with public shareholders and an employee trust.[33]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Wipro Consolidated Profit & Loss account, Wipro Financial Statement & Accounts" (in en). https://www.wipro.com/content/dam/nexus/en/investor/quarterly-results/2022-2023/q4fy23/consolidated-financial-statement-q4fy23.pdf. 
  2. ↑ "Bloomberg Billionaires Index - Azim Premji". https://www.bloomberg.com/billionaires/profiles/azim-h-premji/. 
  3. ↑ "Wipro Financial Statements 2020". Wipro Ltd. http://www.wipro.com/investors/financial-information/quarterly-results/. 
  4. ↑ "Wipro's Big Bet with New CEO Thierry Delaporte". https://www.forbes.com/sites/peterbendorsamuel/2020/06/01/wipros-big-bet-with-new-ceo-thierry-delaporte/?sh=626fb337223a. 
  5. ↑ "Fitch Affirms Wipro at 'A-'; Outlook Stable". https://www.fitchratings.com/research/corporate-finance/fitch-affirms-wipro-at-a-outlook-stable-28-03-2022. 
  6. ↑ "Wipro: From a vegetable oil maker to an IT major". NDTV Profit. http://www.ndtv.com/photos/business/wipro-from-a-vegetable-oil-maker-to-an-it-major-14100. 
  7. ↑ 7.0 7.1 "Company History of Wipro". Money Control. http://www.moneycontrol.com/company-facts/wipro/history/W. 
  8. ↑ "About Wipro". http://www.wipro.com/about-Wipro/. 
  9. ↑ "Wipro acquires 45 per cent of Wipro Net from KPN Telecom". The Financial Express. http://www.financialexpress.com/old/fe/daily/20001221/fex21078.html. 
  10. ↑ "Wipro Joins Billion Dollar Club". 17 April 2004. https://www.financialexpress.com/archive/wipro-joins-billion-dollar-club/104100/. 
  11. ↑ "Wipro hives off non-IT business into separate company". The Economic Times. 1 November 2012. http://articles.economictimes.indiatimes.com/2012-11-01/news/34857892_1_equity-shares-demerger-scheme-demerger-plan. 
  12. ↑ "Wipro's Scheme of Arrangement for Demerger Effective from March 31, 2013". Wipro. 2 April 2013. http://www.wipro.com/newsroom/Wipros-Scheme-of-Arrangement-for-Demerger-Effective-from-March-31-2013. 
  13. ↑ "Wipro demerger scheme comes into effect". The Times of India. 2 April 2013. http://articles.timesofindia.indiatimes.com/2013-04-02/strategy/38217443_1_record-date-non-it-businesses-wipro-enterprises. 
  14. ↑ "Wipro to demerge non-IT businesses". Business Standard. 1 November 2012. http://www.business-standard.com/article/companies/wipro-to-demerge-non-it-businesses-112110100130_1.html. 
  15. ↑ "Wipro hands $75m to National Grid US after botched SAP upgrade". https://www.theregister.com/2018/08/06/botched_sap_implementation_national_grid_wipro_settlement_75m/. 
  16. ↑ "Wipro joins Hedera Hashgraph governing council - Times of India". https://timesofindia.indiatimes.com/business/india-business/wipro-joins-hedera-hashgraph-governing-council/articleshow/74703951.cms. 
  17. ↑ Brad Wardlow (March 11, 2023). "East Brunswick welcomes international tech firm's Americas HQ to township". mycentraljersey.com. https://www.mycentraljersey.com/story/money/business/2023/03/11/east-brunswick-nj-wipro-limited/69985257007/. 
  18. ↑ "Wipro acquires US-based cMango for $20mn". Business Standard India. 20 February 2006. https://www.business-standard.com/article/technology/wipro-acquires-us-based-cmango-for-20mn-106022000044_1.html. 
  19. ↑ "Wipro to acquire Australia's Promax Applications Group for Rs 192 crore". The Economic Times. https://economictimes.indiatimes.com/tech/ites/wipro-to-acquire-australias-promax-applications-group-for-rs-192-crore/articleshow/12945407.cms. 
  20. ↑ "Wipro to acquire Designit for €85 million". 9 July 2015. https://www.livemint.com/Companies/DUaEZFkC4f4exXxR4FW4PP/Wipro-to-acquire-Designit-for--85-million.html. 
  21. ↑ "Why IT Services Giant Wipro is Snapping up Appirio for $500 Million". https://fortune.com/2016/10/20/wipro-buys-appirio/. 
  22. ↑ "Wipro Digital acquires CX consulting firm Rational Interaction" (in en). 24 February 2020. https://www.consulting.us/news/3805/wipro-digital-acquires-cx-consulting-firm-rational-interaction. 
  23. ↑ "India's Wipro to buy Capco for $1.45 billion – TechCrunch" (in en-US). TechCrunch. https://techcrunch.com/2021/03/04/wipro-capco/. 
  24. ↑ "Wipro ups IT services revenue guidance to 8-10 per cent in June quarter" (in en). https://www.freepressjournal.in/business/wipro-to-buy-capco-for-145-bln-biggest-buyout-to-become-bolder-company. 
  25. ↑ "Wipro Agrees To Buy Australian Cybersecurity Provider; Stock Gains". 2021-04-01. https://www.bloombergquint.com/markets/wipro-agrees-to-buy-australian-cybersecurity-provider-stock-gains. 
  26. ↑ "Wipro acquires US-based LeanSwift; to expand its cloud transformation biz" (in en). 16 December 2021. https://www.businesstoday.in/latest/corporate/story/wipro-acquires-us-based-leanswift-to-expand-its-cloud-transformation-biz-315781-2021-12-16. 
  27. ↑ "Wipro acquires consulting firm Convergence Acceleration Solutions for $80 million" (in en). Moneycontrol. 12 April 2022. https://www.moneycontrol.com/news/business/wipro-acquires-consulting-firm-convergence-acceleration-solutions-for-80-million-8348961.html. 
  28. ↑ Ishwarbharath, Sai (26 April 2022). "Wipro to acquire SAP Consulting firm Rizing for $540 million". The Economic Times. https://economictimes.indiatimes.com/tech/information-tech/wipro-to-acquire-rizing-for-about-540-million/articleshow/91103364.cms. 
  29. ↑ Nasralla, Shadia (28 October 2021). "First reality check launched for corporate climate claims". Reuters. https://www.reuters.com/business/cop/first-reality-check-launched-corporate-climate-claims-2021-10-27/. 
  30. ↑ "Scripwise Weightages in S&P BSE SENSEX". BSE India. http://www.bseindia.com/indices/IndicesWatch_Weight.aspx?iname=BSE30&index_Code=16. 
  31. ↑ "Download List of CNX Nifty stocks (.csv)". NSE India. http://www.nseindia.com/content/indices/ind_niftylist.csv. 
  32. ↑ "Form 20F". SEC.gov. 12 June 2013. https://www.sec.gov/Archives/edgar/data/1123799/000119312513256124/d548270d20f.htm. 
  33. ↑ "Shareholding Pattern 2023". Wipro. https://www.wipro.com/content/dam/nexus/en/investor/shareholding-pattern/2023/september-30-2023.pdf. 

External links



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