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Business News/ Companies / Wipro picks up stake in Israel’s Intsights Cyber Intelligence for $1.5 million
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Wipro picks up stake in Israel’s Intsights Cyber Intelligence for $1.5 million

Wipro says it acquired minority stake of less than 20% on a fully diluted basis in Intsights Cyber Intelligence for a cash consideration of $1.5 million

Photo: Hemant Mishra/MintPremium
Photo: Hemant Mishra/Mint

New Delhi: The country’s third largest software services firm Wipro Ltd has bought minority stake in Israeli cybersecurity company, Intsights Cyber Intelligence for $1.5 million.

“The target entity (Intsights) is an early-stage company founded in 2015... Intsights offers a threat intelligence driven security platform employing cyberintelligence, rapid mitigation and one-click remediation," Wipro said in a BSE filing.

Wipro has acquired a “minority stake of less than 20% on a fully diluted basis" in the Tel Aviv-headquartered firm for a cash consideration of $1.5 million, it added.

The Bengaluru-based company expects the transaction to be completed by 31 August 2016. In the past few quarters, Wipro has announced a string of investments, including acquisition of companies like HealthPlan Services ($460 million), Cellent of Germany ($77 million) and US-based Viteos Group for $130 million.

However, it later called off the buyout of US-based Viteos Group, citing inordinate delays in completion of closing conditions.

Wipro’s net profit for the June quarter had declined 6.7% to 2,059 crore, while its total income from operations rose 10.7% to 13,697.6 crore from the year-ago period.

Shares of Wipro closed 0.75% down at 524.80 apiece on BSE.

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Published: 18 Aug 2016, 09:56 PM IST
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