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November 26, 2009

Wipro Bets Big On BFSI Segment

Intends to cash in on the increasing requirement for technology services in BFSI segment to expedite integration

By CBR Staff Writer

Wipro Technologies, an India-based IT firm, anticipates an upsurge in demand at its banking, financial services and insurance segment (BFSI), triggered by consolidation in the banking industry, reported Reuters. Wipro intends to cash in on the increasing requirement for technology services to expedite integration.

According to Wipro, emerging markets, which account for about one fifth of its total revenue, are expected to play a major role going forward. Suresh Vaswani, joint CEO of IT business at Wipro, said: When I say emerging markets, predominantly it’s India and the Middle East, but Australia is becoming a big part of the business now. While some markets may get challenged, some other markets somehow compensate, reported the news agency.

Speaking at the Reuters India Investment Summit at Bangalore, Manish Dugar, CEO of Wipro Technologies, said: Some of it is driven by the consolidation activities we are doing for our clients.

Rohit Kumar Anand, an analyst with PINC Research, said: BFSI has seen some spending increase in the last two quarters, driven by M&A-related work and the requirements of compliance jobs is driving the tech spending in BFSI, reported the news agency.

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