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VERIZON COMMUNICATIONS

(VZ)
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Delayed Nyse  -  04:00:02 2023-02-03 pm EST
41.51 USD   -0.77%
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Verizon Business and Wipro partner to accelerate network transformation with Network-as-a-Service offering

11/30/2022 | 05:00am EST

NEW YORK, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Verizon Business, today announced a global Network-as-a-Service (NaaS) partnership with Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, that will accelerate the network modernization and cloud transformation journey for businesses.

Wipro’s Network-as-a-Service (NaaS) solution, powered by Verizon Business will include a range of pre-configured and tested service chains on a subscription-based consumption model, designed to drive network consumption infrastructure on demand.

The multi-year partnership will enable Wipro to transition customers from legacy cycles of deploying hardware, applications and services to an automated, self-healing, and highly secure network service environment.

Massimo Peselli, Senior Vice President and Chief Revenue Officer, Global Enterprise and Public Sector for Verizon Business said: “Many organizations want to get out of endless technology refresh cycles but they face the twin challenges of traditional hardware and fixed infrastructures. Our partnership with Wipro will enable businesses to future-proof their network in a manner that is more flexible, agile and predictive, centered around their specific needs.”

A recent IDC survey of over 400 technology-buying decision makers across the globe revealed that 69% of respondents are planning a network transformation investment in the next 12 months. NaaS has increasingly begun challenging legacy commercial models that require large upfront capital costs by providing more flexible, subscription-based services that can more easily be modified as needs change. The technology has accelerated the implementation of new digital technologies such as AI/ML, 5G, IoT, advanced robotics, blockchain, AR/VR, and voice-assistance.

Jo Debecker, Senior Vice President & Global Head, Cloud and Infrastructure Services, Wipro Limited commented: “Our joint NaaS offering brings together two industry leaders to drive this unique value proposition that will help our customers keep pace with changing demands of the cloud and network infrastructure while achieving operational efficiencies and agility at scale.”

Today’s agreement brings together two network industry leaders. Verizon has been named a Leader in Gartner® Magic Quadrant Network Services, Global for the last 16 years and manages more than 4,300 networks globally. Wipro is a Leader in Gartner® Magic Quadrant for Managed Network Services and manages over 500+ Network and data center facilities across geographies and different industries .

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 250,000 employees and business partners across 66 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.Wipro.com.

About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Nilesh Pritam, Verizon
+65-6248 6599
nilesh.pritam@sg.verizon.com

Nitin Shahani, Wipro
+91-8378990731
nitin.shahani@wipro.com


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Source: Verizon Sourcing LLC

2022 GlobeNewswire, Inc., source Press Releases

Stocks mentioned in the article
ChangeLast1st jan.
NAAS TECHNOLOGY INC. -1.98% 5.95 Delayed Quote.52.96%
VERIZON COMMUNICATIONS -0.77% 41.51 Delayed Quote.6.17%
WIPRO LIMITED -0.32% 407.8 End-of-day quote.3.82%
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Financials (USD)
Sales 2022 137 B - -
Net income 2022 19 732 M - -
Net Debt 2022 147 B - -
P/E ratio 2022 8,86x
Yield 2022 6,22%
Capitalization 174 B 174 B -
EV / Sales 2022 2,35x
EV / Sales 2023 2,29x
Nbr of Employees 117 100
Free-Float 97,8%
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Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis CFO-Operations Finance & Senior Vice President
Kyle J. Malady Vice President-New Product Development
Shankar Arumugavelu Chief Information Officer & SVP-Verizon Wireless
Craig Silliman Chief Administrative Officer & Executive VP
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