The frantic pace of Agentic AI development and a goal to create an entity well poised to tackle the unknown in a dynamic technology world is the catalyst behind the Capgemini-WNS deal, Keshav Murugesh, Group CEO of NYSE-listed WNS, said in an exclusive chat with businessline. WNS was not looking to sell, and the deal came about as an “unsolicited” offer, he added.
As CEOs, we took stock of where the market was headed and felt that the combination of technology and operations can equip us to better tackle where the market is headed in the long-term, noted the CEO. While in the immediate future, one can continue to grow standalone, there is a need now for a combination to tackle how things may look in the next five years, he added. “We wanted to make sure our stakeholders are well taken care of in an era of agentic AI, and create what, we call intelligent operations.”
Deal by year-end
Going through regulatory approvals and other processes, the deal is expected to close by the end of the year and till then, it is business as usual for WNS.
Commenting on whether the deal signals the end of pure-play BPM companies, Murugesh is quick to note that nearly 70 per cent of the sector is still a white space. “In the foreseeable future, the ability to be on a standalone basis continues to be high…But we don’t know what we don’t know,” he adds, stating that ability of companies to “look around corners” has become limited as AI grows.
Murugesh highlighted Capgemini’s acquisition track record and their ability to “attract, retain, and create leaders” from acquired entities as factors that gave WNS encouragement. “Of course the pricing and the premium on the transaction is very strong; the combination and its structure will leapfrog competition,” he added.
On Agentic AI
Asked if WNS could not have made the transition to the new Agentic AI world on its own, the CEO said they have been investing for it already but the scale needed is very high. “We were making great progress if you look at the last two quarter results, as well as the guidance we gave for the full year,” he adds. WNS’ revenue has grown at an average 9 per cent (CC terms) over the last 3 fiscal years and stood at $1.2 billion in fiscal 2025.
Will this deal spur more consolidation in the BPM space? “I think we are pioneers in terms of creating a new model; let’s wait and see,” says the CEO.
When asked about his learnings as an executive with a reputation of being a turnaround specialist, Murugesh notes he never takes anything for granted. “Sometimes when you’re doing exceedingly well and when the market is least expecting it, that is the time to actually reinvent yourself all over again,” he notes, also aptly summing up the deal with that remark.
Published on July 11, 2025
