Indian IT firm Wipro has signed an agreement to acquire Capco, a consultancy firm in the banking and financial services sector, for $1.45bn.

Headquartered in London, Capco provides digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific regions.

The company, which counts more than 100 global organisations as its clients, has more than 5,000 business and technology consultants based in around 30 global locations.

The acquisition is expected to strengthen Wipro’s footprint as an end-to-end global consulting, technology and transformation service providers for the banking and financial services industry.

Wipro CEO and managing director Thierry Delaporte said: “We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro. Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients.

“Wipro and Capco share complimentary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home.”

Capco CEO Lance Levy said: “We are incredibly excited to join our new colleagues at Wipro. Together, we will offer bespoke transformational end-to-end solutions, now powered by innovative technology at scale, to create a new leading partner to the financial services industry.

“We look forward to leveraging the complementary capabilities and similar cultures of both companies to drive industry change and offer exciting opportunities for both our clients, and our people.”

The acquisition is expected to close in the June quarter of this year, subject to customary closing conditions and regulatory approvals.