India's Wipro wins $650 million deal from British insurer Phoenix Group

FILE PHOTO: Figurines with computers and smartphones are seen in front of Wipro logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

BENGALURU (Reuters) - Wipro, India's No.4 IT services provider, won a 10-year deal worth 500 million pounds ($645.4 million) from British insurer Phoenix Group, the company said on Wednesday, announcing its second mega deal this financial year.

Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. In June 2024, Wipro announced a $500 million deal with a U.S. communications service provider.