Wipro has disclosed a 26 percent stake in leading Oracle cloud applications systems integrator Drivestream.
In a regulatory filing to the Bombay Stock Exchange, Wipro said Drivestream issued stocks on June 12 upon conversion of an optionally convertible notes issued in March.
Wipro said in March that it had taken a minority stake in Drivestream. As part of the deal, Wipro will invest USD 5 million in Drivestream.
The investment is part of Wipro’s strategic drive to actively participate in the external innovation eco-system, for which the company has set up Wipro Ventures, a USD 100 Million fund focused on investing in disruptive start-ups.
Drivestream is a management and IT consulting firm specializing in Oracle Cloud Services (HCM, ERP, Planning & Budgeting), and on-premise People Soft application implementation, upgrades, enhancements and ongoing support.
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