Capgemini's Strategic Acquisition of WNS: A Bold Move Towards AI-Powered Intelligent Operations

Paris & Mumbai – July 7, 2025 – In a significant development set to reshape the Business Process Services (BPS) landscape, French technology giant Capgemini has announced its definitive agreement to acquire WNS (Holdings) Limited, a leading digital-led business transformation and services company, in an all-cash deal valued at $3.3 billion.¹ This strategic acquisition underscores Capgemini's ambitious drive to become a global leader in "Agentic AI-powered Intelligent Operations," capitalizing on the rapidly evolving demand for autonomous AI agents in business environments.²

The acquisition, unanimously approved by both Capgemini's and WNS's Boards of Directors, values WNS at $76.50 per share.³ This represents a substantial premium of 28% over WNS's 90-day average trading price and 17% over its closing price on July 3, 2025. The transaction is expected to close by the end of 2025, pending regulatory and shareholder approvals, including the green light from the Royal Court of Jersey.⁴

A Vision for Agentic AI-Powered Operations

Capgemini's CEO, Aiman Ezzat, highlighted the rationale behind this pivotal move, stating that enterprises are increasingly adopting generative AI and agentic AI to transform their operations end-to-end.⁵ "Business Process Services will be the showcase for Agentic AI," Ezzat remarked. This acquisition is poised to provide Capgemini with the scale and vertical sector expertise necessary to seize the emerging strategic opportunity created by the shift from traditional BPS to AI-powered intelligent operations.⁶

WNS, with its strong domain expertise and established digital-first BPS portfolio, is a key player in this evolution.⁷ Founded in 1996 as a captive unit for British Airways and later becoming an independent entity, WNS has a robust client base spanning various sectors, including travel, insurance, banking and financial services, and healthcare.⁸ Over 44,000 of WNS's 65,000 employees are based in India, further strengthening Capgemini's already significant presence in the country, where more than half of its 3.4 lakh employees reside.⁹

Synergies and Financial Impact

The combined entity is projected to achieve combined digital BPS revenues of €1.9 billion in 2024, significantly enhancing Capgemini's capabilities in supporting clients on their end-to-end business and technology transformation journeys.¹⁰ WNS's consistent average constant currency revenue growth of over 9% over the past three fiscal years, reaching $1.2 billion in revenue in fiscal year 2025 with an operating margin of 18.7%, is expected to immediately boost Capgemini's financial performance.¹¹

Capgemini anticipates the deal to be accretive to its normalized earnings per share (EPS) by 4% in 2026 before synergies, and by 7% post-synergies by 2027.¹² The company forecasts revenue synergies of €100-140 million and annual pre-tax run-rate cost and operating model synergies of €50-70 million by the end of 2027.¹³

To fund the acquisition and assume WNS's existing debt, Capgemini has secured €4 billion in bridge financing.¹⁴ While Capgemini's shares saw a slight decline on the announcement, reflecting initial investor concerns about the potential impact of generative AI on the BPO market, the long-term vision is clear: to leverage AI to drive efficiency and agility through hyper-automation, delivering superior business outcomes.

Keshav R. Murugesh, CEO of WNS, echoed the sentiment, emphasizing that the combination of WNS's deep domain and process expertise with Capgemini's global reach, cutting-edge Generative AI and Agentic AI capabilities, and robust partner ecosystem will create a powerful proposition for enterprise reinvention.¹⁵

This acquisition marks a pivotal moment for both Capgemini and the broader BPS industry, signaling a decisive shift towards AI-led autonomous operations and intelligent business transformation.¹⁶