Wipro signs deal with UK-based insurance firm RSA; shares fall

Wipro shares started off on a poor note on NSE on Wednesday (December 13, 2023) despite a deal with globally remowned UK insurance company, RSA. The stock of the IT major opened at Rs 423 in the first trading session after the company signed a contract with RSA, but was down 1.2 per cent at Rs 417.10 at 11:00 am.

As per the deal, the Bengaluru-headquartered IT company will help accelerate RSA’s migration to the cloud and build a compliant, secure, and scalable IT infrastructure. The three-year engagement builds on Wipro and RSA’s existing relationship, which began in 2016, Wipro said in a regulatory filing.

"This contract will accompany RSA on its journey over the next couple of years to modernize its infrastructure and the use of Cloud technology. It will also support the delivery of a range of operational services to enable a connected business environment and support RSA’s growth objectives. The resulting state-of-the-art infrastructure will optimize service delivery and enhance RSA’s customer and employee experience through automation," Wipro added. 

“We are proud to extend our engagement with RSA. Under our enhanced scope, we will accompany them on their modernization journey by addressing their technology and regulatory needs. Through cloud technology and industry-leading cybersecurity frameworks, we will further strengthen and scale RSA’s business. Our teams are excited to continue our work, always innovating and driving modernization to realize RSA’s ambitions," said Omkar Nisal, Managing Director UK and Ireland at Wipro. 

Matt Lockie, IT Foundation Director at RSA, commented, “Wipro and RSA’s continued relationship helps us to drive greater value across our infrastructure services and ensure the highest standards of service. There is a big focus on modernization in the next couple of years, and both organizations remain committed to pushing boundaries and achieving even greater success in the future.”

What does Wipro do?

Wipro is a technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs.

What does RSA do?

RSA is a global general insurance company with a history spanning more than 300 years in the industry. Today, they serve in excess of 9 million customers around the world, according to the company.

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