Bengaluru, April 7 -- Wipro Ltd has bagged a $1 billion, eight-year contract from Singapore-based food processing major Olam Group, marking its first mega deal in nearly six years. As part of a broader engagement, the country's fourth-largest information technology (IT) services firm will acquire Mindsprint, Olam's IT arm, for $375 million in an all-cash deal, it said in a release to the stock exchanges on Monday. Following the announcement, Wipro's shares opened 3.6% higher at Rs.198.4 on the BSE in a largely weak market. The Bengaluru-based IT services company will manage the food processing company's end to end IT transformation services. Olam has committed to spending at least $800 million over eight years in modernising its IT systems with an option to spend more than $1 billion in total. Avendus Capital was the exclusive financial advisor to Olam Group and Mindsprint on this transaction. Mindsprint ended last year with $136 million in revenue and the acquisition is expected to close by June, subject to regulatory approvals. The company has about 3,200 people and specialises in providing IT services to food and agri-business companies with its proprietary IP-driven solutions. Starting FY27, Wipro would make $136 million from the Mindsprint acquisition and at least $100 million annually in the following years. Most of Mindsprint's business comes from parent Olam, according to a person with knowledge of the matter. This translates to 1.3% of Wipro's FY25 revenue in the first year and at least 1% for the rest of the seven years. It ended last year with $10.51 billion in revenue, down 2.7% on a yearly basis. "We will now aim to bid for more deals in the agri-business industry as we have access to Mindsprint's IP," said a person with knowledge of the matter on condition of anonymity. The deal also comes at a time when Wipro is staring at the possibility of a third straight year of revenue decline amid an uncertain macroeconomic environment due to the west asia war....