Wipro sells stake in Denim Group for $22.42 mn, acquires stake in Squadcast

Wipro, in 2018, had acquired 33.33 per cent stake in Denim Group, an independent application security firm, for $8.83 mn

IT major Wipro announced that it has sold its stake in Denim Group, a provider of application security firm for $22.42 million. 

Wipro in 2018 had acquired 33.33 per cent stake in Denim Group, Ltd. and Denim Group Management, LLC (Denim Group), an independent application security firm, for a consideration of $ 8.83 million. 

“As part of recently announced acquisition of Denim Group by Coalfire, Wipro has sold its entire stake in Denim Group for a consideration of $ 22.42 million.  Consequent to the sale, Wipro does not hold any stake in Denim Group,” said the company in a BSE filing.

This is the second company that in which Wipro had sold its stake. On May 30th in a regulatory filing the company said it is selling its stake in Ensono Holdings, a hybrid IT services provider for $76.24 million. In March 2018, Wipro had invested $55 million for a 10.2 percent stake in Ensono's combined entity, Ensono Holdings. 

Wipro sold the stake as PE player KKR acquired Ensono.

Meanwhile, Wipro also announced that it has acquired a minority stake of less than 20 per cent on a fully diluted basis in US-based IT incident response services provider Squadcast for $1.2 million. The company in a BSE filing said, that the transaction is expected to complete during the quarter ending June 30, 2021.