Wipro Secures $650 Million Deal with Phoenix Group, Shares Gain Over 2%

ReAssure UK, a division of Phoenix Group, and Wipro Ltd. signed a 10-year, $650 million contract, increasing shares by more than 2%.

Wipro Ltd.'s stock experienced a 2% upward increase on Thursday because the IT organization obtained a 10-year $650 million (£500 million) contract from ReAssure UK Services Limited which operates as a division under Phoenix Group - the UK's leading organization. On the BSE today, Wipro's shares increased 2.37% to ₹ 273.60. With a market capitalization of ₹ 2.83 lakh crore Wipro managed total revenue of ₹ 5.82 million from 2.12 lakh shares traded on the BSE market.

Wipro shares hit a 52-week low of ₹ 208.40 during June 4, 2024 because their value reached a 52-week high at ₹ 324.55 on January 23, 2025. The Wipro stock price expanded by 14.78% throughout the year and achieved 50% growth over two years.

The project's goals are to expedite Phoenix Group's operational transformation and provide life and pension business administration for the ReAssure Company.

"They are committed to using their deep transformation expertise around process and technology, including cloud, data, and AI, to drive increased operational agility for clients in the financial services sector," said Nagendra Bandaru, Managing Partner and Global Head of Technology Services, Wipro Limited, about their strategic partnership with Phoenix Group.

The engagement includes Wipro taking over management of ALPHA core policy administration platform to apply upgrades with AI technology, Automation features, Cloud infrastructure and Digital transformation enhancements. The current modernization project will make the platform compatible with future needs while it improves operational efficiency and delivers enhanced customer experiences to Phoenix Group policyholders.