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?

As the outsourcing landscape evolves amid economic uncertainty, geopolitical changes, shifting buyer priorities, and rapid technological disruption, service providers must stay ahead of the curve to identify where the next wave of growth will come from. In this webinar, Everest Group experts unpacked key trends shaping the future of outsourcing. Backed by deep market data and analysis, the session explored how providers can navigate uncertainty, adapt to buyer behavior changes, and identify new pockets of growth. Attendees gained a clear view of market dynamics and walked away with practical insights to shape their growth strategies and stay ahead in an increasingly competitive landscape. What questions did the webinar answer? What’s changing in the global outsourcing industry, and how will it shape the future outlook? How is buyer behavior expected to change? How can providers maximize growth in a constrained environment? What are the emerging growth pockets?

The US tariffs implemented on April 2, 2025, have generated uncertainty within the industry; however, a prompt 90-day suspension of most country-specific tariffs indicates the willingness of US administrations to engage in negotiations. This report provides an in-depth analysis of the current tariff dynamics and assesses their implications for the vulnerable industry sectors. It identifies the key factors influencing the revenue and margins of enterprises within these sectors and ranks them according to their degree of impact. Additionally, the report outlines the incidental implications for technology services in both the near term and the medium-to-long term for each industry sector. Providers can use this report to enhance their understanding of the effects of tariffs on their client industries and to develop strategies that align with both client priorities and their own capabilities. Contents Offers Everest Group’s perspective on the implications of ongoing tariff dynamics on vulnerable industry verticals, and outlines incidental implications on technology services in the near and medium-to-long term. Scope Industry: Manufacturing, Electronics, Hi-Tech, Retail & CPG, Telecom, Pharma Geography: Global

Watch Everest Group experts Ronak Doshi, Partner, Rajesh Ranjan, Managing Partner, and Prashant Shukla, Vice President for an exclusive, members-only deep dive into the IT-BP services industry growth outlook for CY 2025. Designed exclusively for our members, this webinar is your chance to access unparalleled industry intelligence from top Everest Group leaders who have their finger on the pulse of IT-BP industry shifts. This session went beyond the headlines, offering scenario-based analysis and pinpointing the critical factors that will drive success for service providers. Our experts unveiled the overall IT-BP industry outlook for 2025, the key factors shaping service provider success, and market sizes and segment contributions to growth. Members also came away with exclusive insights into emerging opportunities. Don’t miss out—gain the insights you need to stay ahead in 2025. What questions did the webinar answer for the participants? What are the plausible scenarios of IT-BPS industry growth in CY 2025? What are the most important factors determining growth in CY 2025? Which will be the most important contributors (verticals, geos, service areas) to industry growth in CY 2025? What are the specific set of opportunities for service providers to succeed in CY 2025?

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

The global IT-BPS industry navigated a turbulent 2024, characterized by uncertainty and a cautious business climate. Optimizing costs dominated the year’s agenda, driving high deal volumes but delivering limited revenue growth. Although growth trends gained momentum in Q3 2024 and continue to show promise, the journey to a full recovery remains difficult as enterprises brace for anticipated challenges in 2025. The Mapping 2025 for Services report, powered by insights from our survey of 200+ enterprises, proprietary market-sizing analyses, GCC research, and meticulous bottom-up tracking of service providers, delivers a dynamic view of the global services market's current and future state. It examines the forces shaping today’s IT-BPS industry and those poised to define tomorrow. C-suite executives and business leaders of service providers can leverage this report to shape their investment and growth strategies for 2025 and beyond. It offers valuable benchmarks on enterprise spending and sourcing shifts in 2025, along with insights into market opportunities for providers. Scope All industries and geographies Contents Reflection on IT-BPS services at the end of CY2024 Foresight and Forecasts for IT-BPS services in CY2025 Opportunities for IT-BPS providers Membership(s) Market Vista™ Forces & Foresight Sourcing and Vendor Management

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 Service Provider Health Check is a quarterly report that evaluates leading IT-BP providers’ financial and operational health. It empowers enterprises with key insights to assess provider resilience, helping them make decisions for RFP evaluations, contract negotiations, and risk management. The report covers nine major providers and compares and analyzes their growth, profitability, talent strategies, and cash flow utilization, helping enterprises confidently navigate an evolving business landscape. The report addresses four key enterprise needs: Preliminary provider evaluation: acts as an initial check to evaluate and shortlist providers for RFPs Strategic insights: highlights how providers’ behaviors are adapting to a shifting macroeconomic landscape, supporting sourcing and negotiation strategies Contract optimization: facilitates effective pricing and contract negotiations Risk mitigation: enhances supplier risk assessments by regularly evaluating providers’ overall business health Scope Insights in the report are structured into three sections: financial health, supplier organizational changes, and provider insights We cover nine providers: Accenture, TCS, Wipro, Infosys, HCLTech, Tech Mahindra, Cognizant, Capgemini, and LTIMindtree Metrics assessed: 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 provide: An introduction to the need for a comprehensive provider evaluation Providers’ relative health analysis: a comparative scatterplot of providers based on profitability, growth, talent strategy, and cash flow utilization Provider profiles: an analysis of providers' financial health and organizational changes

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