Wipro Partners with and Invests in Tradeshift to Increase Digitalization and Automation across Source-to-Pay Processes
SAN FRANCISCO & BANGALORE, India–Wipro Limited (NYSE:WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company today announced a strategic partnership with Tradeshift, the fastest growing business commerce platform, to offer cloud-based Source-to-Pay (S2P) Business Process as a Service (BPaaS) solution.
The partnership aims to help customers accelerate digitalization and automation in their procurement, finance and accounting functions. Headquartered in San Francisco, Tradeshift offers a business commerce platform to digitally connect companies through cloud-based, collaborative accounts payable and procurement automation.
The agreement combines the capabilities of Tradeshift’s platform with Wipro’s integrated S2P services. Wipro’s S2P solutions enable enterprises to achieve efficiencies across the procurement value chain. By adding Tradeshift’s capabilities in product database, e-invoicing, procurement automation, mobility-enabled access, and global supplier risk management, Wipro will be able to standardize and continually expand its business process as a service (BPaaS) offerings. In turn, businesses can automate processes, connect stakeholders and help customers collect and analyse data around all of their transactions, covering invoices, purchase orders and payments.
“Our partnership with Wipro will enable customers to easily capitalize on the value of the Tradeshift business commerce platform and the innovative solutions we can bring to the market together,” said Christian Lanng, CEO and Co-founder of Tradeshift. “Wipro’s global scale and procurement services expertise will amplify the benefits gained from an agile supply chain enabled by a single, digital connection between customers and their entire supply bases, including both process efficiencies and process transformation. We are very pleased to note that this partnership has already delivered two new joint enterprise clients.”
Nagendra P Bandaru, Senior Vice President and Global Head, Business Process Services, Wipro Limited said, “With transformation as the prime objective, enterprises are ready to adopt the next generation of process automation services, accelerating the digitization of business processes. Joining forces with an innovative company such as Tradeshift will provide our customers access to their global, cloud-based supply chain platform. Our combined BPaaS utility will allow customers to automate their supply chains and will usher in greater accuracy and superior efficiencies at a remarkable pace.”
Along with the partnership agreement, Wipro Ventures, the strategic investment arm of Wipro Limited, has made an investment in Tradeshift to strengthen the partnership and further develop Tradeshift’s innovative applications, trade financing solutions, platform and business-to-business marketplace ecosystem.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology.” By combining digital strategy, customer centric design, advanced analytics and product engineering approach, Wipro helps its clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, Wipro has a dedicated workforce of over 170,000, serving clients across 6 continents. For more information, please visit www.wipro.com
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Founded in 2010, Tradeshift is the world’s largest business commerce platform that connects buyers and sellers. Tradeshift connects over 1.5 million companies across 190 countries, processes over half a trillion USD in transaction value yearly, and has a marketplace containing 28 million SKUs. It offers solutions for procure to pay, supplier engagement and financial services, and enables companies and partners to build custom or commercial apps on its business commerce platform. Tradeshift is headquartered in San Francisco, with offices in Copenhagen, New York, London, Paris, Suzhou, Chongqing, Tokyo, Munich, Sydney, and Bucharest.