Wipro Bags Five-Year Contract From California-Based ThoughtSpot; Stock Gains Over 1%

Wipro, one of India's leading information technology services company, has bagged a five-year IT contract from the California-headquartered ThoughtSpot for offering software engineering services. Wipro has not revealed the financial details of the IT deal. ThoughtSpot is a search and Artificial Intelligence-driven analytics platform that facilitates exploration, analysis and sharing of real-time business analytics data. The shares of Wipro gained 1.1 per cent on the BSE in early trading, on the back of the deal announcement. At 11:15 am, the shares had pared some of their early gains and were at Rs 343.70, up 0.45 per cent.

Wipro said in a regulatory filing that it will leverage its EngineeringNXT framework and Product POD (accelerated software product engineering model) to deliver software services. The solutions will help ThoughtSpot sustain their competitive advantage by expediting the launch of new releases, Wipro added.

Harmeet Chauhan, senior vice president, Industrial & Engineering Services, Wipro, said, "This partnership is aligned with our efforts to enhance our Artificial Intelligence and Cloud ecosystem and build our growing footprint in the U.S."

Wipro had reported net profit of Rs 2,466 crore in the quarter ended September 2020, up 3.2 per cent compared to the previous quarter. It had also announced a share buyback plan worth Rs 9,500 crore.

The benchmark indices were trading flat at the time, with the BSE Sensex shedding 28 points at 43,251.55 and the NSE Nifty gaining 13 points at 12,643.25.