Capgemini Acquires WNS to Create Global Leader in Agentic AI-Powered Intelligent Operations

Capgemini to Acquire WNS to Lead in Agentic AI-Powered Intelligent Operations

Capgemini, a global business and technology transformation partner, has entered a definitive agreement to acquire WNS, a leader in Digital Business Process Services (BPS), for $76.50 per share in cash. This deal values WNS at approximately $3.3 billion, excluding its net financial debt, and is expected to close by the end of 2025.

The acquisition positions Capgemini as a major player in Intelligent Operations powered by Agentic AI, enabling enterprises to transform their end-to-end business processes. This move combines Capgemini’s consulting, technology, and platform strengths with WNS’s deep process and industry expertise.

Strategic Rationale for the Acquisition

Enterprises are increasingly adopting Generative AI and Agentic AI to enhance operational efficiency and agility. Business Process Services (BPS) is becoming a key showcase for these technologies, shifting from traditional models to AI-powered Intelligent Operations. The combined entity will have the scale and sector expertise to capture this growing market opportunity.

Capgemini’s CEO, Aiman Ezzat, emphasized that this acquisition will create a leader capable of delivering hyper-automation and superior business outcomes by integrating consulting, technology, and domain knowledge. WNS brings a high-growth, margin-accretive Digital BPS portfolio and strengthens Capgemini’s presence in the U.S. market.

About WNS: A Digital BPS Leader

WNS is recognized for blending deep industry knowledge with business process management, technology, analytics, and AI. Serving clients across eight industries, WNS uses automated platforms to deliver measurable business results. Its client portfolio includes major companies such as United Airlines, Aviva, M&T Bank, Centrica, and McCain Foods.

WNS has demonstrated consistent growth, with a 9% constant currency revenue increase over the past three fiscal years and an operating margin of 18.7% in 2025. The company targets revenue growth of 7% to 11% for fiscal year 2026.

Immediate Benefits and Market Impact

The combined Digital BPS revenues of Capgemini and WNS are expected to reach €1.9 billion in 2024. This scale will enable stronger support for clients’ business and technology transformations, unlocking cross-selling opportunities and laying the groundwork to capitalize on the Intelligent Operations market.

Intelligent Operations and the Role of Agentic AI

Agentic AI represents a significant shift in how organizations redesign operations and business processes. As companies invest heavily in AI, Intelligent Operations have emerged as a consulting-led, technology-driven approach to transforming horizontal and vertical processes.

This model focuses on hyper-automation, combining AI, data, and digital tools to improve efficiency, speed, agility, and business outcomes. The market is moving away from labor-intensive services toward AI-powered autonomy, creating opportunities for new revenue models such as transaction-based and outcome-based pricing.

Both Capgemini and WNS are pioneers in Intelligent Operations. Capgemini offers end-to-end process transformation and AI platforms, while WNS provides sector-specific AI solutions and recently enhanced its capabilities with the acquisition of Kipi.ai. Together, they will lead the market with comprehensive services powered by partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA.

Financial Outlook and Synergies

• The combined group generated €23.3 billion in revenue with a 13.6% operating margin in 2024.
• Capgemini expects the transaction to increase normalized earnings per share (EPS) by 4% in 2026 before synergies and 7% in 2027 after synergies.
• Revenue synergies are projected between €100 million and €140 million by the end of 2027.
• Cost and operating model synergies are anticipated to reach €50 million to €70 million annually by end of 2027.

Smooth Integration and Cultural Fit

The two companies share common values and culture, facilitating a smooth integration. WNS will integrate into Capgemini’s Global Business Services, supported by Capgemini’s experience in successful acquisitions.

Transaction Details and Timeline

The acquisition will be carried out via a Court-sanctioned scheme of arrangement under Jersey law. It has been unanimously approved by the Boards of Directors of both companies. The transaction awaits final regulatory and shareholder approvals and is expected to close before the end of 2025.

Financing

Capgemini has secured €4.0 billion in bridge financing to cover the purchase price, net debt, and bond redemptions. The plan is to refinance this bridge with available cash and new debt issuance.

Recent Performance and Outlook

For the second quarter of 2025, Capgemini expects a slight improvement compared to Q1’s -0.4% growth at constant currency. The operating margin is projected to remain stable at 12.4% for the first half of 2025. Capgemini’s 2025 financial targets remain unchanged, anticipating revenue growth between -2.0% and +2.0%, operating margins between 13.3% and 13.5%, and organic free cash flow around €1.9 billion.

About Capgemini

Capgemini operates globally with over 340,000 employees across 50 countries. The company delivers end-to-end business and technology services, specializing in AI, cloud, data, and industry expertise. In 2024, Capgemini reported revenues of €22.1 billion.

About WNS

WNS is a digital-led business transformation company serving over 600 clients. It combines domain expertise with technology and AI to deliver solutions across industries, focusing on finance, customer experience, and human resources services.

Conclusion for Operations Professionals

This acquisition signals a significant shift in how business process services evolve with AI at the core. For operations professionals, the integration of AI-driven Intelligent Operations offers new opportunities to improve process efficiency, agility, and value delivery. Understanding and adapting to Agentic AI-powered transformations will be critical in managing future workflows and operational models.

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