Capgemini SE

COMPETITION COMMISSION OF INDIA

Combination Registration No. C-2025/08/1322

14^th October 2025

Notice under Section 6(2) of the Competition Act, 2002 given by Capgemini SE

CORAM:

Ms. Ravneet Kaur
Chairperson

Mr. Anil Agrawal
Member

Ms. Sweta Kakkad
Member

Mr. Deepak Anurag
Member

Order under Section 31(1) of the Competition Act, 2002

1. On 26^th August 2025, the Competition Commission of India (Commission) received a notice (Notice) filed by Capgemini SE (Acquirer) under Section 6(2) of the Competition Act, 2002 (Act).

2. The Proposed Combination relates to the acquisition of 100% shareholding of (a) Cloud4C Services Pte. Ltd. (Target 1), and (b) Cloud4C Services Private Limited (Target 2, and along with Target 1 as ‘Targets’) by the Acquirer [The Acquirer and the Targets are collectively referred to as ‘Parties’].

3. The Notice was filed pursuant to a share purchase agreement (SPA) amongst (i) entities directly and indirectly controlled by Mr. P. Sridhar Reddy, (ii) Mr. P. Sridhar Reddy and (iii) the Acquirer.

4. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations 2024, vide letter dated 9^th September 2025, certain information and clarifications were sought from the Acquirer. The Acquirer submitted the response dated 16^th September 2025. Since the response was not complete, another letter was issued on 24^th September 2025 and the response dated 1^st October 2025 was furnished by the Acquirer.

5. The Acquirer is a listed company and its shares are traded on Euronext, Paris. Capgemini is a global consulting, engineering and IT services company, headquartered in Paris, France. It is active in the sectors of strategy and transformation, applications and technology, engineering, and operations. Further, Capgemini caters to a diverse set of customers active in a wide range of sectors/companies in India, including market research, advisory, banking and financial services, automotive firms, technology, insurance, consumer packaged goods, agricultural technology, ecommerce, digital communications technology, medical equipment and semiconductor. The Acquirer does not have a direct presence in India; however, it is present in India through its subsidiaries.

6. The Targets are directly/indirectly owned and controlled by Mr. P. Sridhar Reddy. The Targets are a hybrid cloud managed services provider and help businesses migrate, manage, and optimize their technology and data on private and public multi-cloud environments and automates the process of moving and managing workloads in the cloud. In India, the Targets are primarily active in the provision of (i) IT services, especially (a) IT consulting services, (b) application implementation and managed services, (c) infrastructure implementation and managed services, and (d) cloud services. It also provides IT security solutions services (i.e., the protection of computer software, systems, and networks from threats that can lead to unauthorized information disclosure, theft, or damage to hardware, software, or data, as well as from the disruption or misdirection of the services provided), Data Analytics services (Data Consulting, Data Platform Modernization, Data Engineering and Advanced Analytics), and some Operational Technology (OT)/Internet of Things (IoT) Security services.

7. It is noted that the Acquirer (including its affiliates) and the Targets are engaged broadly in the provision of Information Technology (IT) / Information Technology enabled Services (ITeS) in India. Accordingly, they exhibit horizontal overlap at a broad level in the ‘Market for IT / ITeS in India (IT / ITeS Market)’; and at narrow level in the (i) Market for IT Consulting Services in India (IT Consulting Services Market); (ii) Market for Application Implementation and Managed Services in India (Application Implementation and Managed Services Market); (iii) Market for Infrastructure Implementation and Managed Services in India (Infrastructure Implementation and Managed Services Market); and (iv) Market for Cloud Services in India (Cloud Services Market). The Commission noted that Acquirer and the Targets (including their affiliates) also exhibit horizontal overlaps in the following segments: (i) Market for IT Security Solution Services in India (IT Security Solutions Services Market); and (ii) Market for Data Analytics Services in India (Data Analytics Services Market). Further the Commission also looked into the ‘Market for Hybrid Cloud Management Services in India (Hybrid Cloud Management Services Market)’ which is a sub-segment of Infrastructure Implementation and Managed Services Market.

8. It is submitted that the Parties have no vertical or complementary relationships with respect to their operations in India.

9. However, the Commission decided to leave the precise delineation of the relevant market open, as it was observed that the Proposed Combination is not likely to cause an appreciable adverse effect on competition (AAEC) in any of the plausible relevant market(s) in India because of the reasons mentioned in the subsequent paragraph.

10. Based on the submissions, it is noted that the combined market shares of the Parties in each of the markets or sub-segments identified above are in the range of [0-5]% only. Further, there are other players present in each of the aforesaid markets/sub-segments.

11. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have AAEC in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

12. The order may be revoked if, at any time, the information provided by the Acquirer is found to be incorrect.

13. The information provided by the Acquirer shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

14. The Secretary is directed to communicate to the Acquirer accordingly.