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Wipro acquires 26.1% stake on Drivestream Inc.

Capital Market 

For a consideration of USD 809,690

has invested in IT consulting and software services firm, Drivestream Inc. acquiring stake of 26.1% (on fully diluted basis) including 19,679 Series B Preferred Stock and 27,865 common stock.

Drivestream has issued stocks to on 12 June 2017 upon conversion of an optionally convertible note issue in March 2016. has acquired the stake for consideration of USD 809,690 (conversion of optionally convertible note as mentioned above).

This investment gives Wipro and Drivestream's customers ability to benefit from Drivestream's market leading Oracle cloud HCM and Oracle Cloud ERP solutions and Wipro's end to end Oracle services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 13 2017. 18:20 IST