Capgemini bets big on GenAI and agentic AI services with $3.3 billion acquisition of WNS

French technology giant Capgemini said on Monday that it will acquire India-born business process transformation leader WNS for $3.3 billion in an all-cash deal, in one of the most significant cross-border acquisitions in the tech-enabled services space this year. The transaction, unanimously approved by the boards of both companies, is expected to close by the end of 2025.

This acquisition marks a strategic leap for Capgemini, which aims to position itself as a global leader in Agentic AI-powered Intelligent Operations—a fast-evolving frontier in enterprise transformation. By integrating WNS’ strong domain expertise and digital-first business process services (BPS) portfolio with its own AI and consulting capabilities, Capgemini is betting on the next phase of enterprise reinvention.

The $3.3 billion deal—valuing WNS shares at $76.50 apiece, a 28% premium over its 90-day average—signals Capgemini’s aggressive move to capture the rising global demand for intelligent, AI-powered business operations. The deal is expected to be immediately accretive, contributing 4% to Capgemini’s normalised earnings per share in 2026, and 7% post-synergies by 2027.

Capgemini CEO Aiman Ezzat noted that “Agentic AI” is ushering in a paradigm shift in how enterprises operate. “Business Process Services will be the showcase for Agentic AI,” he said. “Together, Capgemini and WNS will form a powerhouse uniquely positioned to deliver AI-driven process transformation at scale—combining consulting, platforms, technology, and deep vertical expertise.”

The deal reflects a broader trend: businesses are transitioning from mere automation to intelligent, autonomous operations driven by generative and agentic AI. With enterprise AI investments projected to surge, demand is rising for strategic partners who can integrate data, AI, and digital to deliver end-to-end transformation.

WNS’ portfolio—spanning industries such as travel, insurance, banking, energy, and retail—is a strategic asset in this new reality. With long-term contracts, recurring revenues, and blue-chip clients such as United Airlines, Aviva, and M&T Bank, WNS brings scale and resilience to Capgemini’s offerings.

“This is a pivotal chapter in our journey,” said WNS CEO Keshav R. Murugesh. “We’re entering a phase where operating models must be reimagined with AI at their core. Our domain-centric solutions, combined with Capgemini’s Gen AI prowess and global reach, create a compelling proposition for enterprises worldwide.”

WNS has grown revenues at 9% CAGR over the past three years, reporting $1.27 billion in FY2025 with an operating margin of 18.7%. Its non-linear pricing models and digital-led strategy have made it a standout in the global BPS sector. The combined entity’s Digital BPS revenues in 2024 would have exceeded €1.9 billion, with further revenue synergies projected to be between €100 million and €140 million by 2027.

Capgemini will finance the deal with a €4 billion bridge loan, planning to refinance part of it with internal cash and the rest via debt issuance. Significantly, the acquisition will expand Capgemini’s presence in the US market—WNS’ largest revenue base—while aligning seamlessly with its AI-led growth narrative.

Both companies emphasise their shared values and complementary cultures, projecting a smooth integration. WNS will be integrated into Capgemini’s Global Business Services division, with leadership teams expected to collaborate on creating future-ready solutions across industries.

The transaction is subject to shareholder and regulatory approvals, including clearance from the Royal Court of Jersey. If approved, it will reshape the competitive landscape of digital BPS and intelligent operations, with Capgemini emerging as a formidable AI-powered transformation partner.