WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM) services, today announced
it has acquired Vuram, a global leader in enterprise automation
services. Vuram helps companies accelerate digital transformation
by aligning, automating, and optimizing processes using a
combination of low-code software applications and intelligent
automation platforms. By integrating these technologies into core
business operations, Vuram is able to drive end-to-end enterprise
automation and the creation of custom, scalable BPM solutions.
These solutions include the ability to extract, collect, and
categorize data using OCR and AI-based document processing, develop
rule-based processing engines and ML-based augmentation, and
leverage advanced analytics to improve decision-making. Vuram has
also created customizable, low-code, “plug and play” solutions
across front, middle, and back-office functions, including
industry-specific solutions for the Banking/Financial Services,
Insurance, and Healthcare verticals.
“WNS expects that the acquisition of Vuram will accelerate our
organizational journey towards digitally-led, human-assisted
services and solutions. Their depth of knowledge in helping large
global companies drive fast, scalable enterprise automation and
business transformation is well-aligned with WNS’ short-term and
long-term strategic plans,” said Keshav Murugesh, WNS’ Chief
Executive Officer. “We believe that Vuram is an excellent fit for
WNS with respect to capability, approach, and culture, and brings a
proven track record of delivering strong growth, healthy margins,
and exceptional customer value. We are pleased to welcome the Vuram
team to WNS.”
“Vuram is excited to join forces with WNS, an established leader
in Business Process Management,” said Venkatesh Ramarathinam,
Vuram’s Founder and CEO. “By combining the unique capabilities of
our two companies, we will enable clients to accelerate the
automation, optimization, and transformation of their business
models. We look forward to working with the WNS team to continue to
create custom, technology-led solutions, and competitive advantage
for our BPM clients.”
Founded in 2011 and headquartered in Chennai, India, Vuram
currently has approximately 900 people with digital skillsets in
India, the United States, Mexico, Australia, Canada, and the UK.
Vuram was ranked among India’s best companies to work for in 2022
(#52), and one of the top 25 best workplaces in IT and IT-BPM
(2021) by Great Place to Work Institute. The company has also been
recognized by industry analysts including Gartner (Change
Communications), ISG (Digital Consulting, Digital CX, Data
Engineering), and HfS (Integrated & Intelligent Automation
Services). Recently, Vuram was named to the Inc 5000 list of
fastest-growing US private companies.
Consideration for the transaction is $165.0 million including
up-front payment and expected earn-outs, and excludes adjustments
for cash, debt, and working capital. WNS has funded the up-front
payment for the acquisition with cash on hand. Based on Vuram’s
revenue generated in fiscal 2022, the acquisition is expected to
add approximately 2% to WNS’ net revenue* in fiscal 2023, and to be
accretive to fiscal 2023 adjusted earnings**.
About WNS
WNS (Holdings) Limited (NYSE: WNS) is a leading Business Process
Management (BPM) company. WNS combines deep industry knowledge with
technology, analytics, and process expertise to co-create
innovative, digitally led transformational solutions with over 400
clients across various industries. WNS delivers an entire spectrum
of BPM solutions including industry-specific offerings, customer
experience services, finance and accounting, human resources,
procurement, and research and analytics to re-imagine the digital
future of businesses. As of March 31, 2022, WNS had 52,081
professionals across 54 delivery centers worldwide including
facilities in China, Costa Rica, India, the Philippines, Poland,
Romania, South Africa, Spain, Sri Lanka, Turkey, the United
Kingdom, and the United States. For more information, visit
www.wns.com.
Safe Harbor Statement
This release contains forward-looking statements, as defined in
the safe harbor provisions of the US Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
our current expectations and assumptions about our Company, Vuram,
and our industry. Generally, these forward-looking statements may
be identified by the use of terminology such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should”
and similar expressions. These statements include, among other
things, expressed or implied forward-looking statements relating to
our expectations regarding the benefits from our acquisition of
Vuram, including Vuram’s expected impact on our results of
operations. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. Such risks and
uncertainties include but are not limited to Vuram’s expected
volume of business and results of operations, our ability to
successfully integrate Vuram’s business operations into ours, our
ability to successfully leverage Vuram’s capabilities to grow our
revenue, expand our service offerings and market share, our ability
achieve accretive benefits from our acquisition of Vuram, worldwide
economic and business conditions, our dependence on a limited
number of clients in a limited number of industries; the impact of
the COVID-19 pandemic on our and our clients’ business, financial
condition, results of operations and cash flows; currency
fluctuations; political or economic instability in the
jurisdictions where we have operations; regulatory, legislative and
judicial developments; increasing competition in the BPM industry;
technological innovation; our liability arising from cybersecurity
attacks, fraud or unauthorized disclosure of sensitive or
confidential client and customer data; telecommunications or
technology disruptions; our ability to attract and retain clients;
negative public reaction in the US or the UK to offshore
outsourcing; our ability to collect our receivables from, or bill
our unbilled services to our clients; our ability to expand our
business or effectively manage growth; our ability to hire and
retain enough sufficiently trained employees to support our
operations; the effects of our different pricing strategies or
those of our competitors; our ability to successfully consummate,
integrate and achieve accretive benefits from our strategic
acquisitions, and to successfully grow our revenue and expand our
service offerings and market share; and future regulatory actions
and conditions in our operating areas, and our ability to manage
the impact of climate change on our business. These and other
factors are more fully discussed in our most recent annual report
on Form 20-F and subsequent reports on Form 6-K filed with or
furnished to the US Securities and Exchange Commission (SEC) which
are available at www.sec.gov. We caution you not to place undue
reliance on any forward-looking statements. Except as required by
law, we do not undertake to update any forward-looking statements
to reflect future events or circumstances.
References to “$” and “USD” refer to the United States dollars,
the legal currency of the United States; references to “GBP” refer
to the British pound, the legal currency of Britain; and references
to “INR” refer to Indian Rupees, the legal currency of India.
References to GAAP refers to International Financial Reporting
Standards, as issued by the International Accounting Standards
Board (IFRS).
*Net revenue refers to WNS’ revenue less repair payments, which
is a non-GAAP financial measure. For financial statement reporting
purposes, WNS has two reportable segments: WNS Global BPM and WNS
Auto Claims BPM. Revenue less repair payments is a non-GAAP
financial measure that is calculated as (a) revenue less (b) in the
auto claims business, payments to repair centers for “fault” repair
cases where WNS acts as the principal in its dealings with the
third party repair centers and its clients. WNS believes that
revenue less repair payments for “fault” repairs reflects more
accurately the value addition of the business process management
services that it directly provides to its clients. For more
details, please see the discussion in “Part I – Item 5. Operating
and Financial Review and Prospects – Overview” in our annual report
on Form 20-F filed with the SEC on May 17, 2022.
**Adjusted earnings refers to adjusted net income (ANI), which
is a non-GAAP financial measure and is calculated as profit
excluding goodwill amortization, share-based expense, and
amortization of intangible assets and including the tax effect
thereon.
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version on businesswire.com: https://www.businesswire.com/news/home/20220630005950/en/
Investors: David Mackey EVP – Finance & Head
of Investor Relations WNS (Holdings) Limited +1 (646) 908-2615
david.mackey@wns.com
Media: Archana Raghuram Global Head – Marketing
& Communications and Corporate Business Development WNS
(Holdings) Limited +91 (22) 4095 2397 archana.raghuram@wns.com ;
pr@wns.com
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