Aiman Ezzat, CEO of Capgemini and Keshav R. Murugesh, CEO of WNS
Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
Capgemini have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt. The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027.
“Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.”
WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”
“As a recognized 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. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core, shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration, unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”
“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth, enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”
Capgemini notes that the global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.
This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.
Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity
The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.
Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.
AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.
The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.
