Wipro shares rise after multi-year deal with US security firm Entrust

Shares of Wipro, India’s fourth-largest IT services company, climbed as much as 1.4% on Wednesday to Rs 249.70 on the BSE after it signed a multi-year agreement with Entrust, a US-based identity-centric security solutions provider. Financial details of the deal were not disclosed.

The partnership is expected to help Entrust improve operational efficiency, advance its digital transformation goals, and manage IT costs more effectively, Wipro said in a statement.

Under the agreement, Wipro will support Entrust in scaling operations and accelerating growth by providing services in product development, infrastructure management, and application modernisation.

The deal was first referenced in Wipro’s second-quarter earnings.

“We are pleased to leverage Wipro’s domain expertise and AI-powered solutions to support our strategy, increase our agility, and drive growth. We chose Wipro based on its ability to help us access top talent, scale up to meet market opportunities, and add new capabilities,” said Jeff Smolinski, senior vice president of operations at Entrust.

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Wipro said it will deploy GenAI-powered solutions to redefine self-service, resulting in improved user experiences, swift query resolution, and reduced support response times. Additionally, the Wipro team will bolster application security by integrating advanced analytics to proactively identify vulnerabilities and offer actionable insights for intelligent software development.

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The collaboration aims to enhance Entrust’s productivity, boost employee satisfaction, tighten security, and lower costs through streamlined IT operations and reporting.

“We are excited to bring our proven expertise to deliver comprehensive, AI-powered software development services at scale to further Entrust’s strategic priorities. This collaboration with Entrust highlights our commitment to innovation and delivering measurable value as we work together to shape a future where AI leads business transformation,” said Malay Joshi, CEO for Americas 1, Wipro.

The deal comes along with India’s largest IT services provider, Tata Consultancy Services (TCS), announcing a seven-year partnership with Europe-based Virgin Atlantic, and smaller rival Tech Mahindra signing a deal with Netherlands-based firm, multi-service utility provider, Hanab, to modernise their IT infrastructure.

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The US contributes the most in terms of revenue share of around 40-50%, followed by Europe at 20-30% for most Indian IT majors.

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