French IT firm Capgemini is acquiring business process outsourcer WNS for $3.3 billion cash, a strategic move to build out its capabilities in the growing field of agentic AI, as first reported by Reuters. The acquisition is central to Capgemini's plan to create AI-powered "Intelligent Operations" for its enterprise clients.
The price of entry: The deal values WNS at $76.50 per share—a 17% premium over its last closing price—and is slated to close by the end of 2025. Capgemini frames the acquisition as a linchpin for its AI strategy, with CEO Aiman Ezzat stating the combination will "immediately unlock cross-selling opportunities" by blending WNS's process expertise with Capgemini's technology.
An agentic arms race: The move signals a broader rush among consulting giants to evolve past simple automation. The goal is to offer clients AI agents that can autonomously manage entire workflows, not just isolated tasks. WNS provides Capgemini with an established roster of big-ticket clients, including Coca-Cola and T-Mobile, to test and deploy these next-generation services.
Wall Street's cold shoulder: Investors reacted cautiously, with Capgemini's stock dipping around 5% after the news. Analysts from Morgan Stanley warned the move could strain the company's finances without a meaningful bump in revenue. There's also a deeper concern that generative AI could ultimately disrupt the very BPO market that WNS specializes in, turning Capgemini's big bet into a costly liability.
The bottom line: Capgemini is paying a premium to acquire expertise in a field that could be upended by the very technology it aims to master. The deal is a clear, high-stakes gamble that the future of enterprise efficiency lies in AI-driven operations, not just traditional outsourcing. The acquisition target itself was also gearing up for this shift, as WNS had previously acquired an AI firm to expand its own data and analytics capabilities.
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