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Wragge & Co has advised Cap Gemini on a £55m contract with Prudential Group, in the latest deal for the Birmingham firm’s outsourcing team. The five-year contract is one of the most valuable in the UK financial services sector. Wragges’ team, led by TMT associate Kate Lewis, advised Cap Gemini, Ernst & Young’s management and IT outsourcing division.Cap Gemini will provide mainframe and mid-range IT services for Prudential over five years.The deal is the latest in a series of outsourcing projects the firm has handled recently. Over the last two years, it has also handled a project for British Airways, as well as a £600m property outsourcing contract for British Telecom.Growth in outsourcing has been rapid in recent years and analysts predict annual growth rates of about 25% over the next five years. In the IT sector, Wragges partner Bill Jones identifies desktop outsourcing as the area with the greatest growth potential. Jones said: “It is partly driven by the growth rate and rapid changes in technology. [Replacing technology] is a management problem for businesses and it is non-core.”Outsourcing is a profitable niche for many firms, including Barlow Lyde & Gilbert, Bird & Bird and Osborne Clarke. Last year, Wragges overhauled its IT, IP and property teams to include outsourcing specialists across its main practice areas.US firm Shaw Pittman advised Prudential Group.

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