Wipro | |
Formerly | Western India Vegetable Products Limited (1945-1977) Wipro Products Limited (1977-1982) |
Company type | Public |
Industry | Information technology |
Founded | 29 December 1945 |
Founder | M.H.Hasham Premji |
Headquarters |
Sarjapur Road, , India |
Area served | Worldwide |
Key people |
|
Services | |
Revenue | US$11 billion [1] (2023) |
US$1.8 billion [1] (2023) | |
US$1.4 billion [1] (2023) | |
Total assets | US$15 billion [1] (2023) |
Total equity | US$9.8 billion [1] (2023) |
Owner | Azim Premji (73.85%) [2] |
Number of employees | 240,000 [3] |
Subsidiaries | |
Website |
www |
Wipro Limited (with "Wipro" being an abbreviation for its former name, the Western Indian Palm Refinery Oil; stylized in lowercase title) is an Indian multinational corporation that provides information technology, consultant and business process services. It is one of the leading Big Tech companies. [4] Wipro's capabilities range across cloud computing, computer security, digital transformation, artificial intelligence, robotics, data analytics, and other technology consulting services to customers in 167 countries. [5]
The company was incorporated on 29 December 1945 in Amalner, India, by Mohamed Premji. [6] [7] [8] In 1966, after Mohamed Premji's death, his son Azim Premji took over Wipro as its chairperson at the age of 21. [9]
During the 1970s and 1980s, the company shifted its focus to new opportunities in the IT and computing industry, which was at a nascent stage in India at the time. On 7 June 1977, the name of the company changed from Western India Vegetable Products Limited, to Wipro Products Limited. [7] In 1982, the name was changed again, from Wipro Products Limited to Wipro Limited. In 1999, Wipro was listed on the New York Stock Exchange.[ citation needed] In 2004, Wipro became the second Indian IT company to earn US$1 billion in annual revenue. [10]
In 2012, Wipro demerged its non-IT businesses into a separate company called Wipro Enterprises. [11] [12] [13] Prior to this demerger, these businesses, mainly in the consumer care, lighting, furniture, hydraulics, water treatment, and medical diagnostics, contributed about 10% of Wipro's total revenues. [14] [15] [16]
In March 2023, Wipro opened its American international headquarters at Tower Center in East Brunswick, Middlesex County, New Jersey. [17]
In 2006, Wipro acquired California-based technology company cMango in an all cash deal. [18]
In 2012, Wipro acquired Australian analytics company, Promax Applications Group for A$35 million in an all cash deal. [19]
In 2015, Wipro acquired Denmark-based design consultancy Designit for €85 million. [20]
In 2016, Wipro acquired cloud services consultancy Appirio for $500 million. [21]
In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer experience consultancy. [22]
In March 2021, Wipro acquired Capco, a 22-year-old global technology and management consultancy specializing in driving digital transformation in the financial services industry. [23] [24] Wipro signed an agreement to acquire Ampion for a cash consideration of $117 million. [25] [26]
In 2022, Wipro acquired American consulting firm Convergence Acceleration Solutions (CAS) for $80 million. [27] This was followed by the acquisition of Rizing Intermediate Holdings, a US-based SAP consultancy company, for $540 million. [28] [29]
In February 2024, Wipro acquired US Insurtech firm Aggne Global Inc for $66 million. [30]
Wipro's equity shares are listed on Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index, [31] and the National Stock Exchange of India where it is a constituent of the NIFTY 50. [32] The American Depositary Shares of the company are listed on the New York Stock Exchange (NYSE) since October 2000. [33]
As of September 2023, the promoter group headed by Azim Premji held a 72.93% stake in the company, while the remaining shares were with public shareholders and an employee trust. [34]