Capgemini seals $3.3 bn WNS deal — here's what it means for its BPS, AI strategy

Capgemini has completed the acquisition of business transformation and services company WNS, which is a leader in the Digital BPS (Business Process Services) market, for $3.3 billion. The transaction will enable Capgemini to create a major player in intelligent operations to cater to clients’ investment in Agentic AI to transform end-to-end business processes.

“Capgemini and WNS share a common vision of the potential of agentic AI to transform our clients’ business operations,” comments Aiman Ezzat, CEO of Capgemini. “By combining Capgemini’s global reach, strategy and transformation capabilities, technology and AI leadership with WNS’s industry expertise and platforms, we’re uniquely positioned to help our clients reinvent their business processes end-to-end."

Keshav R. Murugesh, CEO of WNS, said the next wave of transformation will be driven by intelligent, domain and industry-centric operations. "Our shared values and culture will make for a seamless integration, enabling us to unlock exciting opportunities and long-term value for our clients, employees, partners, and communities.” 

What this deal means for Capgemini

On July 7, 2025, Capgemini and WNS entered into a definitive transaction agreement, after which Capgemini acquired WNS to create a global leader in Agentic AI-powered Intelligent Operations for a cash consideration of 76.50 USD per WNS share. The total cash consideration amounts to $3.3 billion, excluding WNS’ net financial debt. On September 18, 2025, Capgemini priced a total of €4.0 billion in bonds to finance this transaction, refinance its financial debt, and for general corporate purposes of the Group. As a result of this bond issuance, the bridge loan signed in the context of the acquisition was cancelled. WNS will be consolidated into Capgemini’s financial statements as of October 17, 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’s 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.

Capgemini’s business process services (BPS) business contributes €700 million to the total €22 billion-plus in revenues. In comparison, WNS generates around €1.2 billion annually. WNS operates at a much better 18.5% operating margin compared to Capgemini’s 13.3%. The combined entity will now result in a nearly €2-billion BPS arm. While WNS has around 66,085 employees, Capgemini’s overall headcount is about 342,000.

“This is not a traditional deal where two companies are coming together to create a capacity-led transaction. We are creating something on capability,” Murugesh had told Fortune India, pointing at the complementary nature of the business in geographical presence, verticals and offerings, making it a “marriage put together in heaven”.

The deal also 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.