Wipro Acquires 26% Stake in Drivestream
The country's third largest software services firm Wipro has invested USD 809,690 (about Rs 5.12 crore) in management and IT consulting firm Drivestream.
The cash consideration will see Wipro acquiring 19,679 preferred stocks and 27,865 common stocks, Wipro said in a BSE filing.
Wipro now holds 26.1 per cent 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 USD 20.5 million in 2016.