This is an industry defining moment: WNS CEO
How do you see the synergies playing out in this deal, especially with all the changes AI is bringing to the tech space?
Both companies are approaching this from a long-term perspective. This strategic combination is about accelerating our business in the direction the market is likely to head in the coming years. This isn't just about what we're doing today — it's about anticipating where the market is going in the era of GenAI, and the integration of technology and operations, which we're referring to as intelligent operations.
Long-term, companies that build a joint strategy now are better positioned to capture the larger addressable market — something Aiman and I have both discussed regularly.
According to most analysts, the global business services (GBS) market is only 30% penetrated. That leaves a 70% white space. With the rise of AI and generative AI, the combination of domain expertise, digital capability, and data — essentially the convergence of technology and operations — is exactly what clients want from their strategic partners.
Instead of building these capabilities internally, clients are looking to external partners who can drive these outcomes. WNS brings deep domain process expertise and strong presence in the US and UK. Capgemini adds capabilities in technology — including IT, AI, data analytics, and consulting — along with financial scale and a strong footprint in Europe. Importantly, we're doing this from a position of strength to serve the industry's needs over the next 5 to 10 years.
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Traditionally, business process outsourcing (BPO) was seen as distinct from IT. Are those lines blurring?
This kind of combination allows us to compete for much larger deals. With AI and agentic AI, we're seeing the potential to manage a client's entire end-to-end value chain. This combination brings together deep domain expertise and the ability to deliver superior technology and AI solutions. While our GBS business is currently larger, combining it with Capgemini's consulting, tech, and AI capabilities creates massive growth potential.
This truly is an industry-defining moment.
The deal is valued at $3.3 billion, excluding debt. How will the debt component be handled?
It's all embedded in the capitalised cost. The offer includes a 27% premium over the 30-day average and a 28% premium over the 90-day average. It also exceeds the 52-week high.This is a highly positive outcome for our shareholders. For employees, it's equally promising. Subject to deal approval, they will have the opportunity to work in a much larger enterprise with a strong track record of successful acquisitions, including Igate, and Syniti.
Many of Capgemini's current senior leaders came through acquisitions, which speaks volumes about the opportunity this presents for WNS talent.
Given WNS is listed in the US, will there be a delisting? Will WNS continue as a brand?
WNS will be merged into Capgemini, and our business will become part of their global business services unit. WNS shares will be delisted from the New York Stock Exchange. We still need shareholder approval, and we'll also go through the regulatory approval process in various countries, including antitrust clearances.
Capgemini has indicated in their release that the expected timeline is by the end of this year.
With automation disrupting many lower and mid-level BPM processes, is this deal a response to deeper challenges facing the industry?
Not at all. In fact, the total addressable market is expanding due to these new technologies. Many companies still manage their own back and middle office functions, and increasingly, even front office processes.
These can now be handled more efficiently by process players who understand technology.This partnership takes a leadership position in blending technology and business processes. So, this is not a response to a crisis.
It's a forward-looking move, designed to capitalise on growth and long-term opportunity.
How much progress have you made in agentic AI? What implementations are underway?
Agentic AI is one of the critical tools shaping the future of business. The scale of investment required is significant. Capgemini has already committed nearly €900 million to GenAI-related projects. They're investing heavily in AI technologies and have trained over 35,000 people. At WNS, AI and automation are part of our core offering — it's essential for staying relevant, improving productivity, and driving growth.
The power of this partnership lies in combining our strengths. AI, GenAI, and agentic AI will be managed more effectively together than either of us could do alone.
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