For a cash consideration of USD 809,690
Wipro 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 Wipro on 12 June 2017 upon conversion of an optionally convertible note issue in March 2016. Wipro 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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