IT major Wipro on March 5 announced it acquired a 27 percent stake in SDVerse, an automotive software marketplace platform with General Motors and Magna.
Wipro, with General Motors and Magna will develop SDVerse, a B2B sales platform for buying and selling automotive software.
Wipro will invest $5.85 million (Rs 48.49 crore) in cash in the company. “Wipro’s step-down subsidiary, Wipro IT Services LLC has entered into an agreement with General Motors and Magna International, who will hold 46% and 27% stake in SDVerse respectively.”, Wipro said in a regulatory filing.
The transaction is expected to be completed before the end of March 2024. On Tuesday, Wipro's scrip on BSE closed 1.45 percent lower at Rs 512.95.
“Investment into SDVerse, strengthens Wipro’s positioning as a leader in the Software Defined Vehicle / CloudCar engineering services”, the company said.
The company further said in the regulatory filing that ecosystem of automotive software is underdeveloped and offers tremendous growth opportunities by “opening up new revenue streams and broadening the customer base. SDVerse focuses on connecting automotive software buyers and sellers through a transparent and efficient digital platform”.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!