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Wipro has secured a large 8-year strategic transformation deal with Olam Group. The contract is expected to exceed USD1bn in total value, including a committed spend of USD800mn (annual spend of USD100mn; ~55-60% of total annual spend by Olam Group on tech and shared services). As part of this engagement, Wipro will: i) deliver end-to-end transformation services to Olam Group through a consulting-led, AI-driven approach, and ii) acquire Mindsprint, Olam Group’s captive IT services arm for USD375mn (~2.8x P/S; ~18.5x P/E). We believe this deal will strengthen Wipro’s farm-to-fork capabilities, scaling the impact of Wipro Intelligence across the food and agri-business industry. This marks Wipro’s second sizable acquisition in the past 9M, following the purchase of HARMAN’s DTS unit for USD375mn, which is likely to contribute ~3% to revenue. Pending deal closure, we have not yet factored the current acquisition (likely to contribute ~1.3% to Wipro’s revenue) in our earnings estimates. We retain REDUCE and TP of Rs210, at 15x Mar-28E EPS.

Deal details and structure

Wipro has signed an 8-year strategic transformation deal with Olam Group, a global food and agri-business leader that generates over USD50bn in revenue, employs ~40k people, and is majority-owned by Temasek Holdings. As part of the agreement, Wipro will acquire Olam Group’s IT and digital services arm, Mindsprint, for USD375mn; it will become a wholly owned subsidiary of Wipro. The deal is valued at ~2.8x P/S on CY25 basis. Mindsprint’s leadership team, led by CEO Suresh Sundararajan, will continue managing the business, ensuring stability and continuity while expanding its capabilities. The transaction is expected to close by the end of Q1FY27 (end of Jun-26)

Acquisition deepens agri and supply chain capabilities; deal locks in revenue

The deal with Olam Group and the acquisition of Mindsprint will help Wipro strengthen its presence in the food and agri space. It provides long-term revenue visibility and deeper access to Olam’s operations across farming, trading, and supply chain to Wipro. Moreover, Mindsprint brings domain expertise and IP-led platforms that Wipro can leverage across other clients, enhancing its ability to win similar deals, expand work within existing accounts, and scale consulting-led solutions.

Mindsprint – A brief profile

Mindsprint, founded in 2007 and headquartered in Singapore, is a global provider of tech and digital transformation services, with strong presence in India. It is a key partner in Olam Group’s digital transformation journey. It delivers tech, cybersecurity, and digital solutions, employing over 3,200 professionals and serving clients across food and agribusiness, manufacturing, retail and CPG, and HLS verticals in the US, APAC, and Middle East. Offerings include Farmsprint for plantation management, Procuresprint for AIenabled procurement transformation, SprintAP for payables transformation, Salessprint for sales operations, and Tradesprint for commodity trading and risk management. It reported revenue of USD118.9mn/130.5mn/135.6mn for CY23/CY24/CY25, respectively.

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