Wipro and Kognitos team up for enterprise GenAI automation
CALIFORNIA, UNITED STATES and BENGALURU, INDIA — Wipro Limited (Wipro), a leading technology services firm, and Kognitos Inc. (Kognitos), an innovator in generative AI (GenAI) automation, have announced a strategic collaboration to deploy GenAI-based business automation solutions.
As part of this partnership, Wipro Ventures, the corporate investment arm of Wipro, has invested in Kognitos during its Series A funding round.
Leveraging GenAI for business process automation
The collaboration aims to leverage Kognitos’ platform to boost productivity in engagements undertaken by Wipro‘s Digital Operations and Platforms business line.
The platform will automate intricate business process workflows for Wipro’s clients across sectors such as order management, contact centers, finance, and accounting services.
“Generative AI is already becoming a key pillar for business process automation, and we are excited about this engagement.” said Jasjit Singh Kang, Senior Vice President and Business Head, Digital Operations & Platforms, Wipro Limited.
“It is becoming imperative for all large enterprises to not just deploy AI, but to empower their employees to govern it well,” said Binny Gill, Chief Executive Officer, Kognitos.
Wipro’s FY2024 financials
Wipro’s investment comes after the company recorded lackluster results in FY2024. The company reported a slight decrease in gross revenue, amounting to $10.8 billion, marking a year-over-year decline of 0.8%.
In the IT services segment, Wipro also saw a revenue of $10.8 billion, which also decreased by 3.8% compared to the previous year.
Net income for the year was reported at $1.3 billion, a decrease of 2.7% from the previous fiscal year.
This reduction in net income aligns with the slight revenue decline and ongoing investments in strategic areas like digital transformation and acquisitions.
Wipro CEO and Managing Director Srini Pallia expressed optimism about the future, citing the advent of artificial intelligence as a transformative force for clients.
“At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals,” he added.
Wipro recently secured the #4 spot in the OA500 2024, an objective index of the world’s top 500 outsourcing companies.
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