Wipro Limited, one of India’s largest IT, consulting, and business services providers, is making the biggest acquisition in its 75-year history, purchasing U.K.-based firm Capco. The $1.4 billion deal is a significant step toward strengthening its offerings in the banking, financial services & insurance (BFSI) sector of managed services.

Founded in 1998, Capco provides digital transformation, business consultancy, and other technology services to businesses in the global financial services industry worldwide. The acquisition is a bold move toward expanding and diversifying Wipro’s offerings globally, shifting focus onto the growing necessity for modernization in the BFSI industries. The deal, expected to be completed by the end of June 2021, provides an immediate boost for Wipro, adding Capco’s current clientele of global financial services companies as well as its 5,000 highly skilled consultants.

This deal is led by Wipro’s new CEO, former Capgemini chief operating officer Thierry Delaporte, in an effort to energize the company’s competitive momentum. While major Indian competitors Infosys and Tata Consultancy Services battle for the top position in the market, ascendant companies like HCL have surpassed Wipro as the company stagnated.

Now, Delaporte intends to bring the company full-force onto the digital modernization wave, starting by becoming a large-scale player in the high-margin BFSI market. By bringing Capco under its umbrella, Wipro is adding a company with a 2020 revenue of $720 million, made entirely from BFSI clients. The CEO hopes the addition will provide his company with the momentum it needs in the growing financial business arena, especially as financial services clients race to compete with fintech startups. Other premier service providers EY, IBM, and Microsoft are all pouncing on the opportunity to compete with the massive Indian technology ecosystem.

Industries worldwide are racing toward digital modernization rapidly, spurred on by the challenges of the COVID-19 pandemic. BSFI is a big spender in digitalization, as the next generation of tech users expect instant access to every aspect of their finances. Wipro has fallen behind TCS, Infosys, and others in the financial services realm, but with Capco, the company is taking the leap to get ahead.