Wipro's IT services revenue grew 12 percent year on year in U.S. dollar terms in the quarter ended Dec. 31, but its growth lags behind Indian outsourcing peers such as Tata Consultancy Services (TCS).

Even as CIOs continue to pursue the multi-provider model for outsourcing IT, the question remains as to how to do it successfully: amassing the necessary vendor management skills needed, avoiding vendor finger pointing, and achieving intended results.

India's National Association of Software and Service Companies (Nasscom) said Monday that an economic slump in the U.S. will benefit Indian outsourcers, as U.S. customers look to cut costs.

State Street Corp. is laying off 530 IT workers and transferring another 320 to IBM or Wipro Technologies, part of a shift in its approach to IT operations.

Wipro's second-quarter revenue grew, the company reported Wednesday. However, its larger competitors, Infosys and Tata Consultancy Services, grew faster.