Wipro

Wipro Limited (with "Wipro" being an abbreviation for its former name, the Western Indian Palm Refinery Oil; stylized in lowercase title) is an Indian multinational corporation that provides information technology, consultant and business process services. It is one of the leading Indian Big Tech companies. 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.

History

Early years

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

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. 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. In 2004, Wipro became the second Indian IT company to earn US$1 billion in annual revenue.

In 2012, Wipro demerged its non-IT businesses into a separate company called Wipro Enterprises. 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.

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

Notable acquisitions

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

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

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

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

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

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. Wipro signed an agreement to acquire Ampion for a cash consideration of $117 million.

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

In February 2024, Wipro acquired US Insurtech firm Aggne Global Inc for $66 million.

Listing and shareholding

Wipro's equity shares have been listed on Bombay Stock Exchange since 1946, where it is a constituent of the BSE SENSEX index, and the National Stock Exchange of India where it is a constituent of the NIFTY 50. The American Depositary Shares of the company are listed on the New York Stock Exchange (NYSE) since October 2000.

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.

References

External links

• Business data for Wipro: