Infosys, Wipro close blockbuster deals amid pandemic

Infosys, Wipro close blockbuster deals amid pandemic

Indian IT industry is recovering from the effects of Covid-19 led downtime. There is an increase in the number of deals closed by Infosys and Wipro. 

The IT pioneer, Infosys has closed $3.2 billion deal while Wipro has closed $1 billion contracts as the 2020 winds down. 

The new deals highlight the growth of domestic IT service firms. It also highlights that the weathered effects of the pandemic. 

IT sector's blockbuster wins indicate that the top multinationals have placed their bets on Indian IT companies to drive their digital journey and growth. 

These new deals highlight the success of Infosys and Wipro in their large deal strategy. These wins will help clients to navigate in every aspect of the digital journey. 

In the stock exchange filing, Wipro has said that it has signed mega-deal with Metro AG that provides minimum revenue commitment of $700 million over the five years of period. 

The company can gain $1 billion if the deal gets extended by another four years. 

Wipro needs to clear the approval from the German Federal Cartel Office (FCO) and Antimonopoly Committee of Ukraine. 

The deal needs to be approved by the German Federal Ministry of Economics and Energy as well. The transaction is expected to be closed by April 30, 2021. 

Infosys's bigger deal is considered as largest win ever. Analysts claim that the deal is worth $3.2 billion. These new high-value deals have helped Infosys in gaining higher stock price as well. 

According to industry experts, most of these deals are people-takeover deals. Infosys alone has integrated more than 16,000 employees through various partnerships in recent years. For Wipro, the new deal wins have continued even in the third quarter.

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