India’s leading private sector bank ICICI Bank via Vara Infotech has helped Wipro to secure a $300 million (Rs 2,156 crore) seven-year deal, said the IT major on Thursday.
“As Vara provides the services, we will absorb its 3,800 employees along with its contracts, facilities, and assets through a business transfer agreement for Rs 321 crore in an all-cash deal,” said the city-based software giant in a statement.
The bank contract generated Rs 221.5 crore business for Vara in fiscal 2018-19. “The transaction is expected to be completed during the (second) quarter ending September 30 and is subject to customary closing conditions,” said the outsourcing firm in the statement.
The company has a major presence in the global banking and financial services sector as it provides solutions to banks by leveraging its artificial intelligence platform Holmes.
By providing solutions to banks and leveraging its artificial intelligence platform Holmes, the company has a major presence in the global banking and financial services sector.
(With input from agencies)