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Report 28 Aug 2025

WNS - Vendor Profile - Worldwide

WNS shifts its priorities to GenAI and large deals before its acquisition by Capgemini

WNS ended months of speculation and announced its acquisition by Capgemini for $3.3bn. The transaction almost triples Capgemini’s BPO revenues and complements its service portfolio by adding vertical BPO capabilities. It also comes at a time when the BPO industry is accelerating its adoption of GenAI.

Adoption of GenAI is accelerating

GenAI and LLMs hold the promise of massive productivity gains. WNS has started its GenAI transformation, providing consulting services to its clients to identify GenAI use cases. The company is also building its own GenAI solutions/use cases and embedding LLMs in its IP.

Capgemini will help WNS accelerate its data/analytics/GenAI transformation

Despite claims of significant investments, WNS derives a very small share of revenues (~13%) from data/analytics/GenAI compared to competitors such as Genpact and EXL Service (approximately half of revenues). Capgemini brings scale in this area and important investment funding. It will also help WNS win large contracts, a strategic priority the company initiated in 2023 to accelerate its revenue growth. Capgemini brings to WNS its Invent consulting unit and massive cross-selling opportunities within its client base.

WNS’ transformation from a labor-intensive business is only starting

With $21k in revenue per head, WNS does not compare well with Genpact and EXL (which operate at $35k and $31k, respectively). This revenue per head reflects WNS’ lack of scale in IT services. As a result of its low revenue per head and, presumably, low wage per head, WNS has an attrition rate that is 50% higher than its peers. The Capgemini acquisition, therefore, provides an exit strategy after years of insufficient IT services investment.

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Dominique Raviart

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