Capgemini, the French tech giant, is set to acquire WNS, an India-based business process services (BPS) provider, for $3.3 billion in cash. The strategic move aims to establish Capgemini as a leader in AI-powered business operations, capitalizing on the growing demand for autonomous AI agents. The deal, unanimously approved by both companies' boards, values WNS at $76.50 per share, a 17% premium over its last closing share price on July 3, 2025.

The acquisition will enable Capgemini to tap into the fast-evolving demand for agentic AI, or autonomous AI agents, which can independently perform tasks and make decisions in business environments. Capgemini's CEO, Aiman Ezzat, believes that "Business Process Services will be the showcase for Agentic AI". He further stated that the acquisition of WNS will provide Capgemini with the scale and vertical sector expertise to capture the rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations.

WNS, headquartered in London with a significant base in India and listed on the New York Stock Exchange, began by offering services to British Airways in the late 1990s. Today, it serves clients across various sectors, helping them transition from conventional outsourcing to tech-driven operational models. WNS's customer base includes large organizations such as Coca-Cola, T-Mobile, and United Airlines. The company operates in 13 countries and serves over 600 clients, led by CEO Keshav Murugesh.

The transaction is projected to boost Capgemini's earnings per share by 4% in 2026 and by 7% in 2027 once synergies are realized. To fund the acquisition and assume WNS's existing debt, Capgemini has secured €4 billion ($4.7 billion) in bridge financing. The closing of the transaction is expected to occur by the end of 2025.

This acquisition reflects a broader industry shift as companies move from AI-assisted automation to building AI-led autonomous operations. Capgemini's interest in WNS, whose services include business process outsourcing and data analytics, was initially reported in April. 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.

The $3.3 billion deal 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 expects the acquisition to boost its earnings per share by about 4% on a normalized basis by 2026. This move is part of Capgemini's strategy to strengthen its capabilities in AI, as demand for AI-driven solutions grows. The acquisition is expected to position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini's ability to accompany clients on their business and technology transformation journeys. Immediate cross-selling opportunities are expected to be unlocked through the integration of complementary offerings and clients.

The financial projections for the WNS acquisition reveal important shifts in the tech services acquisition landscape compared to Capgemini's previous major deal. Capgemini expects the WNS acquisition to boost earnings per share by only 4% by 2026, a more modest projection than the 12% (2016) and 16% (2017) EPS increases following the IGATE acquisition in 2015. This difference may reflect either more conservative financial forecasting in today's economic climate or significantly higher valuations for AI-focused capabilities compared to traditional IT services businesses.