Wipro bags five-year contract from clean energy firm Fortum

Wipro bags five-year contract from clean energy firm Fortum
Photo Credit: Reuters
20 Oct, 2020

Information technology (IT) services major Wipro has signed a multi-year contract with Finnish clean energy firm Fortum to manage and support the latter’s application portfolio.

The five-year application management (AMS), and services integration and management (SIAM) contract will see Wipro support Fortum’s application portfolio, which serves more than 11,500 users in 18 countries, the Bengaluru-based company said in a statement.

Wipro said that it would leverage its artificial intelligence and automation platform HOLMES to enable process automation to improve end-user experience, while its SIAM transformation solution will help Fortum consolidate and govern its multi-supplier ecosystem.

“This engagement is aligned to our strategy of assisting our clients to navigate the energy transition towards a sustainable world. The accelerated trend of supply-demand and energy conscious prosumers is driving a clean energy revolution faster than before, inspiring innovation and partnerships like these,” Sarat Chand, vice president and EMEA utilities business head at Wipro, said.

Wipro has had a presence in the Nordic and Baltic regions for over a decade through enterprise partnerships with clients in the manufacturing, energy, natural resources, utilities, financial services, telecom, healthcare and retail industries. Wipro also has a presence in the region through its acquired entities Salesforce multi-cloud partner 4C, global strategic design firm Designit and on-demand digital talent platform Topcoder.

“This is an important step forward in Wipro’s strategy for the Nordic and Baltic region. We see a good match between these two companies, one in the energy industry and the other in technology services, to drive innovation and growth,” Carl-Henrik Hallström, head of Nordic and Baltic regions at Wipro, said.

Last week, the company reported a 3.4% year-on-year decline in net profit at Rs 2,466 crore for the second quarter ended September 30. The second quarter’s revenue stood at Rs 15,114.5 crore, compared to the previous year’s Rs 15,125.6 crore. Sequentially, its revenue declined 1.33%.

The company resumed its forecast cycle, saying that it currently expects revenue from its IT services business to be in the range of Rs 14,820.3 crore - Rs 15,113.5 crore.

It also announced share buyback worth Rs 9,500 crore, where it plans to purchase 23.75 crore shares at Rs 400 each. The buyback, 4.16% of the total paid-up equity share capital, will be bought back at a price of Rs 400 per share.