July 08, 2025
Capgemini Bets $3.3 Billion on AI-Driven Future with WNS Acquisition
Capgemini has announced a $3.3 billion all-cash agreement to acquire India-based technology outsourcing firm WNS, in a move aimed at strengthening its artificial intelligence (AI) service offerings. The French IT consulting giant says the deal will enhance its ability to help businesses boost efficiency and reduce costs using generative and agentic AI technologies.
The acquisition price, set at $76.50 per share, marks a 17% premium over WNS’s closing price on July 3 and excludes the company’s outstanding debt, Capgemini confirmed on Monday.
By acquiring WNS, which specialises in business process outsourcing (BPO) and data analytics, Capgemini hopes to accelerate its push into high-growth, high-margin digital business services, particularly in the U.S. and U.K. markets. WNS serves a portfolio of major global clients, including Coca-Cola, T-Mobile, and United Airlines.
“WNS brings a resilient and fast-growing BPO capability that complements our consulting and AI-driven transformation services,” said Capgemini CEO Aiman Ezzat.
Capgemini expects the acquisition to be finalised by the end of 2025. Once closed, the company projects the transaction will boost both revenue and operating margins right away.
Decline After the Announcement
Despite the strategic rationale, Capgemini’s shares fell approximately 5% following the announcement, making it one of the biggest decliners on the STOXX 600 index at the time. Analysts at Morgan Stanley expressed concern about the financial implications of the deal, citing reduced balance sheet flexibility without significantly altering short-term financial performance.
Additionally, some investors are wary of how generative AI could disrupt the traditional BPO space, a sector heavily reliant on human labour. As automation becomes more sophisticated, there is uncertainty around whether services like those offered by WNS will retain their long-term profitability.
Morgan Stanley’s note emphasised that while there is clear potential in using generative AI to reinvent BPO services, Capgemini will need to demonstrate tangible results to prove that WNS is the right platform to lead this transformation.
