Wipro Limited
Wipro
FormerlyWestern India Vegetable Products Limited (1945-1977)
Wipro Products Limited (1977-1982)
Company typePublic
IndustryInformation technology
Founded29 December 1945; 78 years ago (29 December 1945)
FounderM.H.Hasham Premji
HeadquartersSarjapur Road, ,
India
Area served
Worldwide
Key people
Services
RevenueIncrease US$11 billion[1] (2023)
Increase US$1.8 billion[1] (2023)
Decrease US$1.4 billion[1] (2023)
Total assetsIncrease US$15 billion[1] (2023)
Total equityIncrease US$9.8 billion[1] (2023)
OwnerAzim Premji (73.85%)[2]
Number of employees
240,000[3]
Subsidiaries
Websitewww.wipro.com

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 Big Tech companies.[4] 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.[5]

History

Early years

The company was incorporated on 29 December 1945 in Amalner, India, by Mohamed Premji.[6][7][8] In 1966, after Mohamed Premji's death, his son Azim Premji took over Wipro as its chairperson at the age of 21.[9]

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.[7] 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.[citation needed] In 2004, Wipro became the second Indian IT company to earn US$1 billion in annual revenue.[10]

In 2012, Wipro demerged its non-IT businesses into a separate company called Wipro Enterprises.[11][12][13] 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.[14][15][16]

In March 2023, Wipro opened its American international headquarters at Tower Center in East Brunswick, Middlesex County, New Jersey.[17]

Notable acquisitions

In 2006, Wipro acquired California-based technology company cMango in an all cash deal.[18]

In 2012, Wipro acquired Australian analytics company, Promax Applications Group for A$35 million in an all cash deal.[19]

In 2015, Wipro acquired Denmark-based design consultancy Designit for €85 million.[20]

In 2016, Wipro acquired cloud services consultancy Appirio for $500 million.[21]

In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer experience consultancy.[22]

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.[23][24] Wipro signed an agreement to acquire Ampion for a cash consideration of $117 million.[25][26]

In 2022, Wipro acquired American consulting firm Convergence Acceleration Solutions (CAS) for $80 million.[27] This was followed by the acquisition of Rizing Intermediate Holdings, a US-based SAP consultancy company, for $540 million.[28][29]

Listing and shareholding

Wipro's equity shares are listed on Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index,[30] and the National Stock Exchange of India where it is a constituent of the NIFTY 50.[31] The American Depositary Shares of the company are listed on the New York Stock Exchange (NYSE) since October 2000.[32]

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.[33]

References

  1. ^ a b c d e "Wipro Consolidated Profit & Loss account, Wipro Financial Statement & Accounts" (PDF). wipro.com. Archived (PDF) from the original on 15 April 2021. Retrieved 27 April 2023.
  2. ^ "Bloomberg Billionaires Index - Azim Premji". Bloomberg.com. Archived from the original on 29 May 2019. Retrieved 28 May 2019.
  3. ^ "Wipro Financial Statements 2020". Wipro Ltd. Archived from the original on 8 April 2016. Retrieved 20 April 2016. Archived 8 April 2016 at the Wayback Machine
  4. ^ "Wipro's Big Bet with New CEO Thierry Delaporte". Forbes.
  5. ^ "Fitch Affirms Wipro at 'A-'; Outlook Stable". www.fitchratings.com. Retrieved 28 September 2023.
  6. ^ "Wipro: From a vegetable oil maker to an IT major". NDTV Profit. Archived from the original on 17 October 2013. Retrieved 15 November 2013.
  7. ^ a b "Company History of Wipro". Money Control. Archived from the original on 13 November 2013. Retrieved 15 November 2013.
  8. ^ "About Wipro". wipro.com. Archived from the original on 22 September 2017. Retrieved 22 September 2017. Archived 22 September 2017 at the Wayback Machine
  9. ^ "Wipro acquires 45 per cent of Wipro Net from KPN Telecom". The Financial Express. Archived from the original on 22 May 2013.
  10. ^ "Wipro Joins Billion Dollar Club". 17 April 2004.
  11. ^ "Wipro hives off non-IT business into separate company". The Economic Times. 1 November 2012. Archived from the original on 5 November 2013. Retrieved 15 November 2013.
  12. ^ "Wipro's Scheme of Arrangement for Demerger Effective from March 31, 2013". Wipro. 2 April 2013. Archived from the original on 26 April 2014. Retrieved 15 November 2013.
  13. ^ "Wipro demerger scheme comes into effect". The Times of India. 2 April 2013. Archived from the original on 5 November 2013. Retrieved 15 November 2013.
  14. ^ "Wipro to demerge non-IT businesses". Business Standard. 1 November 2012. Archived from the original on 5 May 2014. Retrieved 17 November 2013.
  15. ^ "Wipro hands $75m to National Grid US after botched SAP upgrade".
  16. ^ "Wipro joins Hedera Hashgraph governing council - Times of India". The Times of India.
  17. ^ Brad Wardlow (11 March 2023). "East Brunswick welcomes international tech firm's Americas HQ to township". mycentraljersey.com. Retrieved 11 March 2023.
  18. ^ "Wipro acquires US-based cMango for $20mn". Business Standard India. 20 February 2006.
  19. ^ "Wipro to acquire Australia's Promax Applications Group for Rs 192 crore". The Economic Times.
  20. ^ "Wipro to acquire Designit for €85 million". 9 July 2015.
  21. ^ "Why IT Services Giant Wipro is Snapping up Appirio for $500 Million".
  22. ^ "Wipro Digital acquires CX consulting firm Rational Interaction". www.consulting.us. 24 February 2020. Archived from the original on 25 February 2020. Retrieved 25 February 2020.
  23. ^ "India's Wipro to buy Capco for $1.45 billion – TechCrunch". TechCrunch. Archived from the original on 4 March 2021. Retrieved 4 March 2021.
  24. ^ "Wipro ups IT services revenue guidance to 8-10 per cent in June quarter". The Indian Express. Archived from the original on 4 May 2021. Retrieved 4 May 2021.
  25. ^ "Wipro Agrees To Buy Australian Cybersecurity Provider; Stock Gains". 1 April 2021. Archived from the original on 17 April 2021. Retrieved 18 August 2021.
  26. ^ "Wipro acquires US-based LeanSwift; to expand its cloud transformation biz". Business Today. 16 December 2021. Archived from the original on 16 December 2021. Retrieved 16 December 2021.
  27. ^ "Wipro acquires consulting firm Convergence Acceleration Solutions for $80 million". Moneycontrol. 12 April 2022. Retrieved 12 January 2024.
  28. ^ Ishwarbharath, Sai (26 April 2022). "Wipro to acquire SAP Consulting firm Rizing for $540 million". The Economic Times. Retrieved 12 January 2024.
  29. ^ Nasralla, Shadia (28 October 2021). "First reality check launched for corporate climate claims". Reuters.
  30. ^ "Scripwise Weightages in S&P BSE SENSEX". BSE India. Archived from the original on 1 December 2015. Retrieved 16 November 2013. Archived 1 December 2015 at the Wayback Machine
  31. ^ "Download List of CNX Nifty stocks (.csv)". NSE India. Archived from the original on 13 October 2013. Retrieved 16 November 2013. Archived 13 October 2013 at the Wayback Machine
  32. ^ "Form 20F". SEC.gov. 12 June 2013. Archived from the original on 24 September 2015. Retrieved 17 November 2013.
  33. ^ "Shareholding Pattern 2023" (PDF). Wipro. Retrieved 12 January 2024.