Wipro Buys Mindsprint in $1 Billion-Plus Olam Deal
The deal combines a $375 million acquisition with an eight-year Olam mandate worth more than $1 billion, giving Wipro a bigger role in the food and agribusiness value chain.
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Wipro Ltd, India’s fourth-largest IT services company, will buy Olam Group’s IT and digital services arm, Mindsprint, for $375 million and take on an eight-year transformation mandate from the Singapore-based food and agribusiness company valued at more than $1 billion, the companies said on Monday, 6 April.
The services contract includes a committed annual spend of $100 million, or $800 million over the life of the deal.
The transaction will make Mindsprint a wholly owned Wipro subsidiary, subject to regulatory approvals and other customary closing conditions.
The deal is expected to close by the end of June.
Olam, which is majority owned by Temasek Holdings and employs nearly 40,000 people, said the divestment is part of its broader reorganization plan.
The agreement gives Wipro a deeper foothold in food and agribusiness, where it plans to support Olam across its “farm-to-fork” operations, including farming, manufacturing, forecasting, trading, supply chain operations and customer engagement.
Wipro said it will combine Mindsprint’s sector-specific products and domain expertise with its own consulting and AI-led capabilities.
Mindsprint has more than 3,200 employees, primarily in India, and develops software and digital platforms for sectors including food and agribusiness, manufacturing, retail and consumer goods, and healthcare.
Reuters, citing ICICI Securities, said the deal is Wipro’s largest acquisition so far and could strengthen its consulting, platform and industry capabilities.
Sunny Verghese, Olam’s co-founder and group chief executive officer, said the deal combines Mindsprint’s knowledge of the company’s operations with Wipro’s scale and technology capabilities.
Wipro Chief Executive Officer and Managing Director Srini Pallia said the engagement would expand the company’s “farm-to-fork” capabilities and widen the use of its AI-led offerings in the sector.
