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. 

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)  

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?

Watch the annual Everest Group analyst relations webinar to hear highlights from the market study, “Mapping the Next: Key Priorities for 2025,” and to learn how AR professionals can identify their key priorities for 2025. Everest Group experts Katrina Menzigian, Vice President, Alisha Mittal, Vice President, and Rajesh Ranjan, Managing Partner, talked through the leading AR priorities to consider for 2025 in order to help your organizations tackle key trends related to technology adoption, generative AI, digital transformation, customer experience, sustainability and more. Attendees came away with a good understanding of the investments most likely to help analyst relations professionals drive value for their internal stakeholders, as well as actionable insights into building momentum during 2025. What questions did the webinar answer for the participants? What are the key priorities that will shape overall technology and services markets in 2025? What are the specific ways in which AR teams can support their company in light of these priorities? How can AR teams position their expertise in working with analysts, and give visibility to research to better prepare their organization to compete in 2025?

Watch us as we reveal findings from the annual “Mapping the Next: Key Priorities for 2025” study, offering an inside look into the top concerns, expectations, and goals of industry leaders for the coming year. This session spotlighted leaders’ core priorities, such as technology adoption, digital transformation, generative AI, customer experience, and sustainability. Our experts also discussed critical global services decisions, including build vs. buy strategies, in-house vs. outsourcing, onshore vs. offshore operations, and the balance between long-term and short-term contracts. This is your chance to hear exclusive, high-impact insights and gain an edge so you can make more informed decisions that will improve organizational resilience, competitiveness, and chances of future success for 2025. What questions did the webinar answer for the participants? What are the trends that will shape the global services market in 2025? What are the likely changes in sourcing spend, sourcing strategy (in-house vs. outsource), and locations? What is the enterprise outlook on tech and AI adoption in 2025? Which digital services and next-generation capabilities are expected to be in demand? How are outsourcing deals, enterprises’ leverage of service providers, and bill rates expected to change?

Our global services market Key Issues research is based on annual surveys that capture the market’s pulse on key aspects of the global sourcing industry. Against the backdrop of growing concerns about challenging macroeconomic conditions and geopolitical adversities, enterprises maintain a positive outlook. They anchor this optimism on the transformative potential of emerging technology and the ever-evolving landscape of consumer behavior. The driving force for 2024 will be the pursuit of doing more with less. While the global IT-BP services industry foresees modest growth, a noticeable surge in the popularity of the Global Business Services (GBS) model is compelling providers to adapt to growing enterprise expectations. The technology landscape is expected to cast a spotlight on productivity and resilience. Notably, there is a cautious yet progressive stance in gen AI’s adoption, despite considerable interest in this transformative technology. In this report, we present the results of a study conducted in October and November 2023 with senior stakeholders from global enterprises across multiple departments, such as procurement, IT, and GBS. The aim was to understand their thoughts as they planned for 2024. The report provides perspectives on how leading global enterprises were impacted in 2023 and how they plan to deliver accelerated value in a dynamic world. Scope Geography: global Industry: cross-industry Services: IT and BPS (Business Process Services) Contents In this report, we examine: Top business challenges and priority shifts in 2024 Key themes defining the IT-BP industry amid uncertain times Gen AI adoption Changes to provider portfolios and bill rates Membership (s) Market Vista™ Outsourcing Excellence

Strategic analyst relations (AR) teams are identifying focus areas and building their team’s plans for the upcoming year. One key priority is to align their 2024 AR strategy with their organization’s business objectives. The guiding “north star” is to create impact for internal stakeholders in terms of competitiveness and preparedness. In this webinar, our expert analysts first revealed market predictions for 2024, drawing on findings from Everest Group’s Key Issues 2024 survey. Based on those findings, our speakers discussed recommendations and actionable steps intended to help AR teams position themselves as enablers for their organization to navigate market dynamics and the realities stakeholders will face in the coming year. What questions has the webinar answered for the participants? What are Everest Group’s key predictions for the technology and global services markets for 2024? How can AR teams position to support their internal stakeholders given the market conditions expected for 2024? What specific plans and preparations should AR teams undertake to maximize their ability to move the needle on the various goals across teams (sales, marketing, lines of business, etc.) in their organization?

The marketing operating model has undergone significant disruption, compelling chief marketing officers to adapt to shifting consumer behavior, digital evolution, and technology trends, all within tight budgetary constraints. This pressure has led them to reassess their marketing sourcing and delivery strategies. In this report, we uncover the factors driving the end-to-end transformation of the marketing operating model and highlight the core elements that are crucial for its success. We discuss marketing delivery and sourcing strategies, with a special focus on offshoring and nearshoring, identifying key geographies with low-cost, talent-rich offerings for marketing activities. We also explore the in-house sourcing landscape by emphasizing the role of marketing global business services centers. A talent sourcing checklist is provided for enterprises considering offshoring marketing activities. Scope Industry: marketing services Geography: global The assessment is based on Everest Group’s annual RFI process, secondary sources of information, interactions with industry experts, and an ongoing analysis of the market Contents In this report, we examine: Elements of the marketing operating model and the factors driving its transformation Globalized marketing delivery and the enterprise implications for its adoption Elements of the marketing sourcing model (in-house and outsourced) Adoption of a balanced shoring mix by locations, buyer size, and industry with key focus geographies Enabling pillars of the marketing operating model – governance, technology, risk mitigation, and underlying operating philosophy Generative AI’s impact on the marketing operating model Membership(s) Marketing and Interactive Experience GBS/SS

In an era of ceaseless change, ever-evolving market dynamics, and an unrelenting demand for progress, the traditional pace of value creation is no longer enough. Creating accelerated value has become paramount for business leaders. How do you achieve accelerated value? Enterprises must embrace innovation while effectively managing change. This approach will help businesses navigate rapid transformation while ensuring stability and sustainability. Watch this webinar to gain valuable insights into the current perspectives of IT-BP industry leaders. We discussed the major concerns, expectations, and trends for 2024 and provided recommendations on how to drive accelerated value from global services – helping position organizations to plan and align goals and succeed in 2024. What questions has the webinar answered for the participants? What are the key challenges and priorities and the outlook for global services in 2024? What are the likely changes in sourcing spend, sourcing strategy (in-house vs. outsource), and locations? Which digital services and next-generation capabilities are expected to be in demand? How will generative AI impact the global services industry? How are outsourcing deals, enterprises’ leverage of service providers, and bill rates expected to change?

Our global services market Key Issues research is based on annual surveys that capture the pulse of the market on key aspects of the global sourcing industry. Uncertainty, inflation, and macroeconomic instability are the buzz words defining the global business environment in 2023. Forecasts of a fast-approaching recession are gripping businesses across the globe and pushing them to adopt a cautious outlook towards business growth in the coming year. What sets this recession apart from those in the past is the significant talent demand and supply gap. For the past few years, the talent gap has been a growing concern in the IT-BP industry and is expected to continue even under recessionary sentiments. Further, most organizations are focused on minimizing cost/price pressures in the face of growing inflationary headwinds, especially as service providers are looking to increase bill rates. Post the high pent-up demand seen in 2022, as the demand for services stabilizes, the recessionary pressures are expected to have an even greater impact on the industry. Today, the challenge is to ride out these uncertain times while managing the talent gap. This report presents the results of a study that was conducted in October and November of 2022 with senior stakeholders from global enterprises across multiple departments, such as procurement, IT, and Global Business Services (GBS), to understand their thoughts as they undertook planning for 2023. The report provides perspectives on how leading global enterprises have been impacted in 2022 and are planning to develop resiliency in these uncertain times. Scope Geography: global Industry: cross-industry Services: IT and business process services Contents Top business challenges and critical business model changes in 2022 Outlook and priorities for 2023 Key themes defining the IT-BP industry during these uncertain times Anticipated changes to service provider portfolios and key service provider-related challenges and priorities Membership (s) Market Vista™ Sourcing and Vendor Management