Wipro wins five-year contract with Europe’s third-largest producer of clean electricity

Wipro wins five-year contract with Europe’s third-largest producer of clean electricity
Wipro wins new contractWipro
  • Indian IT services giant Wipro has won a five-year contract with Europe’s third-largest producer of carbon dioxide-free electricity, Fortum.
  • Wipro will be helping Fortum with their application management system as well as services integration and management.
  • The new deal meets at least two of CEO Thierry Delaporte's five priorities for Wipro going forward.
After announcing the acquisition of Eximius Design on the eve of its second-quarter earnings, Wipro now has a new deal in the bag. The Indian IT services giant announced a five-year deal with Europe’s third largest producer of clean energy — Fortum.

The announcement comes after CEO Thierry Delaporte remarked that Wipro was still looking for more opportunities last week. “We will take our fair share of large deals,” he said during the second-quarter earnings call. And, the new deal meets at least two of Delaporte’s five priorities he outlined as Wipro’s charter going forward.

In its deal with Fortrum, Wipro will be helping it upgrade its application management system and its services integration and management. Fortum’s application portfolio includes a multitude of applications for more than 11,500 users across 18 countries — and all promise 24/7 support for business-critical applications.

According to Wipro, the new deal will leverage its artificial intelligence (AI) and automation platform — Wipro HOLMES. The aim is to try and enable process automation for an ‘enhanced end-user experience’.

Wipro wins five-year contract with Europe’s third-largest producer of clean electricity
Wipro share price over the last one monthBSE/BI India

Wipro's share price was up 1.25% as markets opened today morning. The company has been a beneficiary of the recent rally in IT stocks.

Wipro CEO’s five-point plan
Delaporte, who recently completed his first full quarter at Wipro’s helm, outlined a five-point plan for Wipro’s growth going forward and this deal meets at least two of those priorities.

The first priority for Wipro is to focus on growth and bring in new deals, which the five-year contract with Fortum does.

The second priority was to focus on scale, a requirement which the Fortum deal also meets since it's in a forward looking industry focusing on clean energy — and the company itself is the third-largest in Europe.

Thierry Delaporte’s priorities for WiproCommentary
#1 Focus on growthContinue to invest in Wipro’s existing account, shape large transformation deals and leverage partnerships with large technologies.
#2 Focus on scalePrioritise market and sectors relevant for Wipro and ensure leadership position.
#3 OfferingsExpand presence beyond the IT office and leverage Wipro’s ecosystem of partners — large tech players and startups — in a sector-specific way.
#4 TalentInvest in talent to reinforce innovation and technology skills.
#5 Simplification of operating modelTurn Wipro into a lean organisation centered around clients.

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