Wipro to chase $100 Mn deals with added zeal

Wednesday, 23 January 2008, 23:03 IST
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Bangalore: Aiming at chasing large merger and acquisition deals and contracts above $100 million, Wipro chairman Azim Premji has renewed the focus on a global programs team. The team's main target is to crack deals, which yield revenues of a minimum of $100 million over a five-year period. Anything below this deal size would be part of the business-as-usual category, reported Business Line. The team is now headed by Lee Fields, who has come to Wipro with the Infocrossing acquisition. Along with the new Head, Wipro has energized this practice with a new mechanism to deepen its presence in the large deals race. The strategy is part of Wipro's blueprint for value creation. In fact, Indian companies only have a five percent to six percent share of all global large deals classified as those above $50 million. Wipro is currently chasing a deal funnel of at least 10 to 20 in the $100 to $150 million range. Comprised of professionals in HR, finance, solutions and go to market, the global programs team will identify leads, structure deals, bring it to the RFP stage before hand it over to concerned verticals. Apart from exploring possibilities of tapping existing clients for larger deals at the time of renewals, the team will also proactively interact with CIOs and key influencers, such as offshore advisory firms. Wipro acquired U.S. based IT infrastructure management firm this fiscal in a $600 million deal. The special team was created in 2006-07 and was headed by Sanjay Joshi, who quit the company about nine months back. Wipro, the third largest Indian software exporter, got its first $100 million client in Q3 of FY08 while the number of $50 million clients increased from 9 to 12. Some of the big deals that Wipro has won so far include General Motors, Shell (the deal is expected to run up to $3 billion) and the recent Aircel deal (estimated to be worth $450 to 600 million).
Source: IANS
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