Wipro acquires 26% stake in US-based Drivestream
Wipro has invested $809,690 investment in management and IT consulting firm Drivestream for a 26% stake
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New Delhi: The country’s third largest software services firm Wipro has invested $809,690 (about Rs5.12 crore) in management and IT consulting firm Drivestream.
The cash consideration will see Wipro acquiring 19,679 preferred stock and 27,865 common stock, Wipro said in a BSE filing. Wipro now holds 26.1% share in Drivestream (on a fully diluted basis), it added.
Established in 2001, Drivestream is privately held and has a workforce of around 73 employees in the US. Its revenue stood at $20.5 million in 2016.