After months of speculation, Capgemini announced that it has entered into an agreement to  acquire WNS for US$3.3 billion. Under the definitive transaction agreement, Capgemini will pay  $76.50 per share, representing a 17% premium over WNS’s closing share price on Friday, July  4, 2025.    This Everest Group viewpoint highlights the key positives of the Capgemini–WNS combination,  particularly in terms of complementarity across industry verticals, geographies, and service  offerings, as well as enhanced business scalability. These benefits are expected to bolster the  combined entity’s competitive positioning against other leading broad-based IT-BPS providers.  The analysis also sheds light on potential challenges beyond integration, including timing,  cultural alignment, and value premium justification. Finally, it explores the implications for  enterprise clients, both existing and prospective, as well as the broader impact on the IT-BPS  industry. 

The dynamic IT-BP services industry presents both opportunities and challenges for providers, requiring them to have an in-depth understanding of emerging trends, evolving forces, and shifting competitive landscapes. Forces & Foresight™, our quarterly report focused on IT-BP providers, empowers providers with the intelligence they need to navigate this volatile environment. This report addresses five key questions that IT-BP providers struggle to answer: Where do I stand versus my competition in terms of growth and margins? How do the industry’s growth prospects look in the foreseeable future? Why? Which segments provide opportunities to grow faster than the industry? Why? How am I doing in these segments versus my competition? Am I dealing with the same forces that are impacting my competition’s margins?

Everest Group’s Quarter Earnings Analysis reports deliver in-depth assessments of providers’ quarterly financial performance from a financial analyst’s perspective. They consider publicly available disclosures as well as proprietary models to offer a well-rounded evaluation of providers’ financial results. By providing an unbiased, data-driven perspective, the reports help readers navigate key aspects of provider performance, including trends, challenges, and opportunities across critical financial metrics. Scope Metrics assessed: revenue growth, constant currency growth, organic constant currency growth, operating margin, LTM attrition, headcount growth, gross margin, guidance, subcontractor cost, TCV, book-to-bill, and performance by industry and geography Contents In this report, we provide: Relative benchmarking and historical performance: a comparative analysis of the providers’ quarterly performance, highlighting improvements or deterioration over time Key growth and profitability drivers: factors influencing the firms’ quarterly top-line revenues and margins Forward-looking outlook: an analysis of the firms’ full-year growth and margin guidance (reported), with potential implications on upcoming quarters Coverage of business and reported segments: a comprehensive assessment of the firms’ financial performance, including their reported geographical markets and industries

What is the Everest Group BPS Top 50™? The Everest Group BPS Top 50™ is a global list of the 50 largest third-party providers, based on their Business Process Services (BPS) revenues and Year-on-Year (YoY) growth. BPS is also referred to as business process outsourcing. First released in 2015, Everest Group publishes this list every year. Why the Everest Group BPS Top 50™? The global third-party BPS industry is valued at close to US$300 billion. Over the years, this industry has evolved significantly, both in breadth and depth of services. What started as a cost optimization concept focusing on non-core and back-office business processes, today permeates the entire business process value chain, addressing a wide variety of business objectives. The industry continues to attract many providers from a broad range of backgrounds and heritages. Everest Group estimates there are more than 250 providers today with more than US$50 million in revenues offering BPS services worldwide. Some are pure-play BPS providers, while others offer business services as part of a broader portfolio (IT services, consulting, technology products). Some are focused on a particular domain or geography, while others are broad-based. Some are listed, while others are privately held.  This list helps enterprises identify scaled-up providers and evaluate their functional coverage. It also helps BPS providers compare themselves against others in the industry. The list is not an analysis of provider capabilities but rather a factual representation of their business performance as measured by their revenues and growth in a particular year (see the methodology on Page 3). Please refer to specific Everest Group PEAK Matrix reports for a detailed assessment of providers’ performances across various BPS segments.  How is the BPS Top 50 determined? There are two distinct steps involved in determining the BPS Top 50: Qualification: only the 50 largest providers, based on their BPS revenue, qualify for the BPS Top 50 assessment Rank determination: providers are ranked based on their BPS revenue and YoY growth; growth has two parameters: absolute growth (measured as change in BPS revenue in US$ million) and percentage growth (measured as percentage change in BPS revenue)  

Everest Group’s Quarter Earnings Analysis reports deliver in-depth assessments of providers’ quarterly financial performance from a financial analyst’s perspective. They consider publicly available disclosures as well as proprietary models to offer a well-rounded evaluation of providers’ financial results. By providing an unbiased, data-driven perspective, the reports help readers navigate key aspects of provider performance, including trends, challenges, and opportunities across critical financial metrics. Scope Metrics assessed: revenue growth, constant currency growth, organic constant currency growth, operating margin, LTM attrition, headcount growth, gross margin, guidance, subcontractor cost, TCV, book-to-bill, and performance by industry and geography Contents In this report, we provide: Relative benchmarking and historical performance: a comparative analysis of the providers’ quarterly performance, highlighting improvements or deterioration over time Key growth and profitability drivers: factors influencing the firms’ quarterly top-line revenues and margins Forward-looking outlook: an analysis of the firms’ full-year growth and margin guidance (reported), with potential implications on upcoming quarters Coverage of business and reported segments: a comprehensive assessment of the firms’ financial performance, including their reported geographical markets and industries

The Service Provider Health Check is a quarterly report assessing leading IT-BP and engineering providers’ financial and operational health. It equips enterprises with key insights for RFP evaluations, contract negotiations, and risk management. In this report, we cover 12 major providers and compare and analyze their growth, profitability, talent strategies, and cash flow utilization, helping enterprises navigate an evolving business landscape. The report addresses four key enterprise needs: a preliminary provider evaluation for RFPs, strategic insights to highlight how providers adapt to a shifting macroeconomic landscape, contract optimization to facilitate effective pricing and contract negotiations, and risk mitigation to enhance supplier risk assessments. Scope Insights in the report are structured into three sections: financial health, supplier organizational changes, and provider insights We cover 12 providers: Accenture, Capgemini, CGI, Cognizant, EPAM, HCLTech, Infosys, LTIMindtree, Mphasis, TCS, Tech Mahindra, and Wipro Metrics assessed include organic constant currency growth, operating margin, LTM attrition, headcount growth, return to shareholders, investments and capability building, and key leadership changes Contents In this report, we evaluate: The need for a comprehensive provider evaluation Providers’ relative health based on profitability, growth, talent strategy, and cash flow utilization Providers’ financial health and organizational changes

Everest Group’s Quarter Earnings Analysis reports deliver in-depth assessments of providers’ quarterly financial performance from a financial analyst’s perspective. They consider publicly available disclosures as well as proprietary models to offer a well-rounded evaluation of providers’ financial results. By providing an unbiased, data-driven perspective, the reports help readers navigate key aspects of provider performance, including trends, challenges, and opportunities across critical financial metrics. Scope Quarterly financial performance of ITS and BPS providers, including Accenture, TCS, Infosys, Cognizant, Wipro, HCLTech, EXL, WNS, Genpact, and Teleperformance Metrics assessed: revenue growth, constant currency growth, organic constant currency growth, operating margin, LTM attrition, headcount growth, gross margin, guidance, subcontractor cost, TCV, book-to-bill, and performance by industry and geography Contents In this report, we provide: Relative benchmarking and historical performance: a comparative analysis of the providers’ quarterly performance, highlighting improvements or deterioration over time Key growth and profitability drivers: factors influencing the firms’ quarterly top-line revenues and margins Forward-looking outlook: an analysis of the firms’ full-year growth and margin guidance (reported), with potential implications on upcoming quarters Coverage of business and reported segments: a comprehensive assessment of the firms’ financial performance, including their reported geographical markets and industries

Everest Group’s Quarterly Earnings Analysis reports deliver in-depth assessments of providers’ quarterly financial performance from a financial analyst’s perspective. They consider publicly available disclosures as well as proprietary models to offer a well-rounded evaluation of providers’ financial results. By providing an unbiased, data-driven perspective, the reports help readers navigate key aspects of provider performance, including trends, challenges, and opportunities across critical financial metrics. Scope Quarterly financial performance of ITS and BPS providers, including Accenture, TCS, Infosys, Cognizant, Wipro, HCLTech, EXL, WNS, Genpact, and Teleperformance Metrics assessed: revenue growth, constant currency growth, organic constant currency growth, operating margin, LTM attrition, headcount growth, gross margin, guidance, subcontractor cost, TCV, book-to-bill, and performance by industry and geography Contents In this report, we provide: Relative benchmarking and historical performance: a comparative analysis of the providers’ quarterly performance, highlighting improvements or deterioration over time Key growth and profitability drivers: factors influencing the firms’ quarterly top-line revenues and margins Forward-looking outlook: an analysis of the firms’ full-year growth and margin guidance (reported), with potential implications on upcoming quarters Coverage of business and reported segments: a comprehensive assessment of the firms’ financial performance, including their reported geographical markets and industries

Everest Group’s Quarter Earnings Analysis reports deliver in-depth assessments of providers’ quarterly financial performance from a financial analyst’s perspective. They consider publicly available disclosures as well as proprietary models to offer a well-rounded evaluation of providers’ financial results. By providing an unbiased, data-driven perspective, the reports help readers navigate key aspects of provider performance, including trends, challenges, and opportunities across critical financial metrics. Scope Metrics assessed: revenue growth, constant currency growth, organic constant currency growth, operating margin, LTM attrition, headcount growth, gross margin, guidance, subcontractor cost, TCV, book-to-bill, and performance by industry and geography Contents In this report, we provide: Relative benchmarking and historical performance: a comparative analysis of the providers’ quarterly performance, highlighting improvements or deterioration over time Key growth and profitability drivers: factors influencing the firms’ quarterly top-line revenues and margins Forward-looking outlook: an analysis of the firms’ full-year growth and margin guidance (reported), with potential implications on upcoming quarters Coverage of business and reported segments: a comprehensive assessment of the firms’ financial performance, including their reported geographical markets and industries

Everest Group’s Quarter Earnings Analysis reports deliver in-depth assessments of providers’ quarterly financial performance from a financial analyst’s perspective. They consider publicly available disclosures as well as proprietary models to offer a well-rounded evaluation of providers’ financial results. By providing an unbiased, data-driven perspective, the reports help readers navigate key aspects of provider performance, including trends, challenges, and opportunities across critical financial metrics. Scope Metrics assessed: revenue growth, constant currency growth, organic constant currency growth, operating margin, LTM attrition, headcount growth, gross margin, guidance, subcontractor cost, TCV, book-to-bill, and performance by industry and geography Contents In this report, we provide: Relative benchmarking and historical performance: a comparative analysis of the providers’ quarterly performance, highlighting improvements or deterioration over time Key growth and profitability drivers: factors influencing the firms’ quarterly top-line revenues and margins Forward-looking outlook: an analysis of the firms’ full-year growth and margin guidance (reported), with potential implications on upcoming quarters Coverage of business and reported segments: a comprehensive assessment of the firms’ financial performance, including their reported geographical markets and industries