Wipro announces strategic partnership with GBST, stock up 2%

Through this partnership, the companies will combine GBST’s Composer wealth administration software-as-a-Service (SaaS) platform and Wipro’s expertise in outsourcing administration and contact centre services to provide a single offering.

The company said that organisations in the industry face several difficulties while managing legacy IT systems and handling multiple service providers simultaneously. Through the collaboration, the companies will consolidate the various services and functions within a single platform which will streamline and simplify operations while enhancing the delivery to the customers.

Robert DeDominicis, global chief executive officer of GBST said the industry is looking for an alternative fully outsourced solution.

“We see the global market looking for alternative fully outsourced solutions. Under this partnership arrangement, clients can benefit from a modern, best-of-breed, SaaS-based, scalable wealth management administration platform...” he said.

The company announced last week that Hanesbrands has selected Wipro to further aid the company in its digital transformation, business growth, and achieving higher long-term profitability.

Wipro said it has been a strategic partner for Hanesbrands over the years, working on several business and technology transformation programmes. This deal extends the partnership to leverage Wipro’s capabilities in application management, cybersecurity, intelligent automation, and artificial intelligence (AI), it said.

Wipro pointed out it is responsible for defining the client’s cloud roadmap and supporting the integration of business functions to help Hanesbrands optimise operations and will also bring in next-gen tools and services to improve the client’s product lifecycle processes and deliver faster time-to-market.

Shares of Wipro have gained over 2% since the beginning of the year. The stock has gained over 28% in the last one year.