French IT giant Capgemini has announced the acquisition of Indian company WNS for $3.3 billion in cash. This is one of the European technology player’s biggest acquisitions in recent years – and a clear signal that Capgemini intends to bet heavily on generative artificial intelligence and business process automation.
WNS, a Nasdaq-listed company specialising in business process outsourcing (BPO) and data analytics, serves clients such as Coca-Cola, T-Mobile and United Airlines. With the acquisition, Capgemini will expand its presence primarily in the US market, as well as increase its capabilities in AI consulting and so-called agent-based artificial intelligence – an area that is becoming increasingly important in 2025 for corporate clients looking not only for cost savings, but also for operational flexibility.
Despite the strategic potential of the deal, investors reacted with scepticism – Capgemini’s shares fell by 5% after the news was announced. Analysts point out that while the acquisition is expected to be immediately accretive to revenues and margins, it also limits Capgemini’s ability to invest further without damaging its balance sheet.
There are also reservations about the BPO industry itself – a segment that may be particularly vulnerable to disruption from the dynamic growth of GenAI. In models based on human labour, automation can, on the one hand, reduce costs but, on the other, reduce demand for traditional outsourcing services. This is a risk that Capgemini is most likely trying to turn into an asset: by combining the scale of WNS with its own technological competence, it intends to transform classic BPO into intelligent, hybrid process services.
The deal, which Capgemini plans to complete by the end of 2025, is part of a wider trend of consolidating and modernising IT services through AI. For the European company, this could be a key step in the battle for dominance in the AI-enabled services market, but the success of this strategy will depend on the ability to integrate quickly, deliver measurable results for clients and convince investors that WNS is the right link in this puzzle.
