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?

The Service Provider Health Check – BPS is a quarterly report assessing leading BPS providers’ financial and operational health. It equips enterprises with key insights for RFP evaluations, contract negotiations, and risk management. In this report, we analyze nine key providers and compare their growth, profitability, and cash flow utilization to help enterprises navigate an evolving business landscape. The report addresses four key enterprise needs: preliminary provider evaluation for RFPs, strategic insights on provider adaptability to macroeconomic shifts, contract optimization for effective pricing and negotiations, and risk mitigation to strengthen supplier risk assessments.

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

The dynamic IT-BP services industry presents both opportunities and challenges for service providers, requiring them to possess an in-depth understanding of emerging trends, evolving forces, and shifting competitive landscapes. Forces & Foresight™, our quarterly report focused on IT-BP service 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? Scope Insights in the report are structured into three sections: The current state (where things stand) Forces shaping the future Foresight (net effect of forces) and forecasts Our coverage of the IT-BP services industry encompasses 10 segments: 6 verticals and 4 geographies. Verticals: Banking, financial services, and insurance; healthcare and life sciences; technology, media, and telecom; manufacturing and retail; public sector; energy, resources, and utilities Geographies: North America, Europe, Asia Pacific, and rest of the world Contents Forces & Foresight provides in-depth financial forecasts for the services industry, examining ongoing evolution, growth drivers and obstacles, and margin insights for IT-BP service providers. Unlike high-level industry overviews, we offer original quantitative predictions across segments to support providers’ strategic planning efforts. The research includes: Executive summary forecast and overview of forward-looking forces Industry verticals: growth forecasts and a deep dive into driving forces Geographies: growth forecasts and a deep dive into driving forces Margin insights and forces defining the future This report is part of the Forces & Foresight package, which also includes the Forces & Foresight video, an interactive benchmarking spreadsheet model, and analyst inquiries. Membership(s) Forces & Foresight

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 Membership(s) Forces & Foresight

The dynamic IT-BP services industry presents 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 service providers, empowers providers with the intelligence they need to navigate this volatile environment. This Business Process Services (BPS) edition of the report addresses four key questions that strategic stakeholders struggle to answer: Where do I stand versus my competition in terms of growth? How do the industry’s growth prospects look in the foreseeable future? Why? Which segments offer opportunities to grow faster than the industry? Why? How am I doing in these segments versus my competition? Scope Insights in the report are structured into three sections: The current state (where things stand) Forces shaping the future Foresight (net effect of forces) and forecasts Our coverage in this report’s BPS version encompasses four broader segments. Segments: Customer Experience Management (CXM); industry-specific BPS; enterprise BPS; new-generation services Contents Forces & Foresight provides in-depth financial forecasts for the services industry, examining ongoing evolution, growth drivers, and obstacles for IT-BP service providers. Unlike high-level industry overviews, we offer original quantitative predictions across segments to support providers’ strategic planning efforts. This BPS edition of the report covers: Executive summary, BPS industry trends, and our forecasts BPS segments: growth forecast and deep dive into driving forces This report is part of the Forces & Foresight package, which also includes the Forces & Foresight video, an interactive benchmarking spreadsheet model, and analyst inquiries. Membership(s) Forces & Foresight

The dynamic IT-BP services industry presents both opportunities and challenges for service 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 service 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? Scope Insights in the report are structured into three sections: The current state (where things stand) Forces shaping the future Foresight (net effect of forces) and forecasts Our coverage of the IT-BP services industry encompasses 10 segments: 6 verticals and 4 geographies. Verticals: Banking, financial services, and insurance; healthcare and life sciences; technology, media, and telecom; manufacturing and retail; public sector; energy, resources, and utilities Geographies: North America, Europe, Asia Pacific, rest of the world Contents Forces & Foresight provides in-depth financial forecasts for the services industry, examining ongoing evolution, growth drivers and obstacles, and margin insights for IT-BP service providers. Unlike high-level industry overviews, we offer original quantitative predictions across segments to support providers’ strategic planning efforts. The research looks at: Executive summary forecast and overview of forward-looking forces Industry verticals: growth forecasts and a deep dive into driving forces Geographies: growth forecasts and a deep dive into driving forces Margin insights and forces defining the future This report is part of the Forces & Foresight package, which also includes the Forces & Foresight video, an interactive benchmarking spreadsheet model, and analyst inquiries. Membership(s) Forces & Foresight

The dynamic IT-BP services industry presents both opportunities and challenges for service 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 service 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? Scope Insights in the report are structured into three sections: The current state (where things stand) Forces shaping the future Foresight (net effect of forces) and forecasts Our coverage of the IT-BP services industry encompasses 10 segments: 6 verticals and 4 geographies. Verticals: Banking, financial services, and insurance; healthcare and life sciences; technology, media, and telecom; manufacturing and retail; public sector; energy, resources, and utilities Geographies: North America, Europe, Asia Pacific, rest of the world Contents Forces & Foresight provides in-depth financial forecasts for the services industry, examining ongoing evolution, growth drivers and obstacles, and margin insights for IT-BP service providers. Unlike high-level industry overviews, we offer original quantitative predictions across segments to support providers’ strategic planning efforts. The research looks at: Executive summary forecast and overview of forward-looking forces Industry verticals: growth forecasts and a deep dive into driving forces Geographies: growth forecasts and a deep dive into driving forces Margin insights and forces defining the future This report is part of the Forces & Foresight package, which also includes the Forces & Foresight video, an interactive benchmarking spreadsheet model, and analyst inquiries.