Capgemini Buys WNS for $3.3B to Boost Agentic AI Growth

Capgemini Acquires WNS to Strengthen AI and Business Process Expertise

Capgemini, a leading French IT services company, has made a significant move to enhance its capabilities in Generative AI and Agentic AI by entering into a definitive agreement to acquire WNS, a prominent digital business process management (BPM) firm. The transaction is valued at USD 3.3 billion, with the closing expected to take place by the end of the year.

The acquisition involves Capgemini paying a cash consideration of USD 76.50 per share for WNS, which represents a 17% premium over the last closing share price on July 3, 2025. This strategic move underscores Capgemini’s commitment to leveraging AI technologies to transform enterprise operations.

Strategic Vision for Agentic AI and Intelligent Operations

Aiman Ezzat, CEO of Capgemini, emphasized that enterprises are increasingly adopting Generative AI and Agentic AI to revolutionize their operations. He highlighted that Business Process Services will be a key area where Agentic AI can make a significant impact. By acquiring WNS, Capgemini aims to gain the scale and vertical expertise needed to capitalize on this emerging opportunity.

Ezzat also noted that WNS brings high-growth, margin-accretive digital business process services, enhancing Capgemini's presence in the US market. The integration of complementary offerings and clients is expected to unlock immediate cross-selling opportunities. He expressed excitement about welcoming the WNS global team to Capgemini.

Keshav R. Murugesh, CEO of WNS, echoed these sentiments, stating that combining WNS's domain and process expertise with Capgemini's global reach, Gen AI, and Agentic AI capabilities would create a powerful proposition for enterprise transformation. He added that WNS's solutions will significantly enhance Capgemini's Business Services footprint, enabling next-generation, data-driven operations across various sectors.

Industry Reach and Market Positioning

WNS's digital-led transformation solutions cater to clients across eight industries, including major blue-chip companies such as United Airlines, Aviva, M&T Bank, Centrica, and McCain Foods. The acquisition is expected to position Capgemini as a leader in Digital BPS, blending horizontal and vertical process expertise with a global footprint.

In 2024, combined revenues from Digital BPS stood at €1.9 billion. This acquisition will strengthen Capgemini's ability to support clients on their business and technology transformation journeys. The synergy between Capgemini and WNS is anticipated to unlock cross-selling opportunities and lay the groundwork for capturing the Intelligent Operations market.

The Rise of Intelligent Operations

Intelligent Operations is a new type of business process service designed to meet the evolving needs of enterprises. It focuses on transforming and operating horizontal and vertical business processes using Generative AI and Agentic AI. This approach emphasizes efficiency, speed, and agility through process hyper-automation, while improving business outcomes by integrating data, AI, and digital tools.

AI technologies are driving a paradigm shift in how business process services are delivered, moving from labor-intensive models to consulting-led and tech-driven approaches. Clients are now focusing on end-to-end value creation and business outcomes, opening up opportunities for non-linear revenue models such as transaction-based, subscription-based, or outcome-based.

Both Capgemini and WNS have already established themselves in the Intelligent Operations space. Capgemini offers end-to-end process transformation, advanced AI tools, and BPS platforms, while WNS has developed sector-specific AI-led solutions, recently augmented by the acquisition of Kipi.ai to enhance its data, analytics, and AI capabilities.

Analysts See Strong Potential in AI Expansion

Analysts believe that this acquisition will further solidify Capgemini's position in the AI domain. In 2024, Capgemini reported over €900 million in Gen AI bookings, and the acquisition is expected to strengthen its AI strategy. Despite the transaction, Capgemini's financial targets for 2025 remain unchanged, with projected revenue growth of -2.0 to +2.0% in constant currency and an operating margin of 13.3 to 13.5%.