Wipro picks up minority stake in Harte Hanks for $9.9 mn

IT firm Wipro today said its subsidiary, Wipro LLC will invest USD 9.9 million in US-based Harte Hanks.
As part of the partnership, both companies will expand their existing partnership to offer end-to-end marketing technology services to customers, Wipro said in a statement.
Founded in 1923, NYSE-listed Harte Hanks is a global marketing services company specialising in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact centre.
Harte Hanks has over 5,000 employees in North America, Asia-Pacific and Europe. Its revenue stood at USD 404.4 million in 2016.
The investment is expected to be completed during the quarter ending March 31, 2018, subject to customary closing conditions, Wipro said in a BSE filing.

Harte Hanks will issue 9,926 Series A Preferred Stock, convertible into 16 per cent of the company's outstanding common stock on a pre-closing basis, the filing added.
"By bundling marketing and technology solutions in the value proposition, Harte Hanks and Wipro offer an integrated solution, which addresses needs of chief marketing and digital officers in a holistic manner," the filing said.
This investment strengthens our existing partnership with Harte Hanks and enables us to address a key industry challenge by offering 'Marketing as a Service', Wipro President Consumer Business Unit Srini Pallia said.