Wipro Acquires 26% Stake In This IT Consulting Firm

Press Trust of India

13 Jun 2017, 10:31 PM IST

Wipro now holds 26.1 per cent share in Drivestream (on a fully diluted basis).

New Delhi: The country's third largest software services firm Wipro has invested $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 $20.5 million in 2016.

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