France’s Capgemini has agreed to buy technology outsourcing firm WNS for $3.3 billion in cash to expand the range of AI tools it offers for companies, the IT services group said on Monday.

The deal equips Capgemini to create a consulting business service focused on helping companies improve their processes and cost efficiency with the use of artificial intelligence, namely generative AI and agentic AI, which it expects to attract significant investments.

The purchase price translating to $76.50 per WNS share represents a 17% premium compared to their last closing price on July 3 and does not include WNS’s financial debt, Capgemini said.

Its interest in India-based WNS, whose services include business process outsourcing and data analytics, was first reported by Reuters in April.

“WNS brings … its high growth, margin accretive and resilient Digital Business Process Services … while further increasing our exposure to the US market,” Capgemini CEO Aiman Ezzat said in a press statement.

WNS’s customers include large organizations such as Coca-Cola, T-Mobile and United Airlines.

On a conference call with media and analysts, Ezzat said the acquisition would immediately create cross-selling opportunities between the two companies, mainly in the U.S. and Britain.

Capgemini expects the deal to be closed by the end of 2025 and be immediately accretive to its revenue and operating margin.

However, its shares fell around 5% following the news, the biggest losers on Europe’s benchmark STOXX 600 index as of 1024 GMT, with Morgan Stanley analysts saying the deal would limit its balance sheet flexibility while not having a major impact on financials.

Some investors are also concerned that Gen AI could impact the typically staff-intensive business process outsourcing (BPO) market, which could bite into Capgemini’s revenues and expose it to new competition, the analysts said in a research note.

“We expect investors to be able to see the opportunity that could come from disrupting BPO with Gen AI but think some evidence will be needed to convince the market WNS is the right vehicle,” they added.

The programme explores future-focused AI strategies and frameworks to foster innovation, accelerate organisational growth and build resilience.

CAMBRIDGE, England, July 7, 2025 /PRNewswire/ — Cambridge Judge Business School Executive Education announces the launch of its four-month Cambridge AI Leadership Programme. This programme equips leaders with both strategic insights and practical knowledge to harness AI for business transformation. Launched in collaboration with Emeritus, a global leader in making high-quality education accessible and affordable, enrolment is now open for a September 2025 start.

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The Cambridge AI Leadership Programme starts on 22 September 2025. For more information and to apply, please visit the programme website.

About Cambridge Judge Business School

Cambridge Judge Business School leverages the power of academia for real-world impact to transform individuals, organisations and society. Since 1990, Cambridge Judge has forged a reputation as a centre of rigorous thinking and high-impact transformative education, situated within one of the world’s most prestigious research universities and in the heart of the Cambridge Cluster, the most successful technology entrepreneurship cluster in Europe. In the Research Excellence Framework (REF) 2021, Cambridge Judge placed first in the Times Higher Education rankings for Business and Management Studies in the United Kingdom. Ninety-four per cent of Cambridge’s overall REF submissions were rated as “world leading” or “internationally excellent”, demonstrating the major global impact that Cambridge Judge researchers are making on society. Cambridge Judge pursues innovation through interdisciplinary insight, entrepreneurial spirit and collaboration. Cutting-edge research is rooted in real-world challenges, and students and clients are encouraged to ask excellent questions to create real-world change. Undergraduate, graduate and executive programmes attract innovators, creative thinkers, thoughtful and collaborative problem-solvers as well as current and future leaders, drawn from a huge diversity of backgrounds and countries.

About Cambridge Judge Business School Executive Education

Cambridge Judge Business School Executive Education offers a wide range of open-enrolment and customised programmes that will test, challenge, encourage and inspire you. We will help you embrace the knowledge and skills you need – to grow in confidence and to evolve and adapt. Get ready to lead purposefully, manage effectively and innovate in an increasingly complex future.

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Emeritus is committed to teaching the skills of the future by making high-quality education accessible and affordable to individuals, organisations and governments worldwide. It does so by collaborating with more than 80 top-tier universities across the United States, Europe, Latin America, Southeast Asia, India and China. Emeritus’s short courses, degree programmes, professional certificates and senior executive programmes help individuals learn new skills and transform their lives, companies and organisations. Its unique model of state-of-the-art technology, curriculum innovation and hands-on instruction from senior faculty, mentors and coaches has educated more than 350,000 individuals across more than 80 countries. For more information, please visit https://emeritus.org.

SOURCE Emeritus

** Shares in French IT services firm Capgemini CAP fall more than 5% to their lowest price since late April, after it agreed to buy WNS WNS for $3.3 billion of cash

** Analysts from Morgan Stanley say investors are concerned over the impact of Gen AI on the business process outsourcing (BPO) market that Capgemini wants to develop into

** “The bear case is that new technology would shift BPO from a people intensive business to one which is much more highly automated and managed by software and not people” – MS

** This could mean reduction of BPO revenues and exposure of incumbent vendors to competition from new entrants, MS adds

** “We expect investors to be able to see the opportunity that could come from disrupting BPO with Gen AI but think some evidence will be needed to convince the market WNS is the right vehicle,” MS says

** The analysts add WNS is not large enough to be transformational to Capgemini’s financials, while the deal is using up its balance sheet firepower for a couple of years

** Capgemini’s shares are at the bottom of Europe’s benchmark STOXX 600 index SXXP