Wipro Acquires Stake in Drivestream Cloud App Systems Firm for $5 Million

IT services major Wipro said Tuesday it has acquired a minority stake in cloud applications systems integrator Drivestream for $5 million.

Along with the US-based firm, the country's third largest software services firm will build an integrated Cloud Solutions stack for its customers.

"As part of this arrangement (acquiring minority stake), Wipro is investing $5 million in Drivestream Inc," it said in a statement.

This is part of Wipro's strategic drive to actively participate in external innovation ecosystem, for which the company has set up Wipro Ventures, a $100 Million fund focused on investing in disruptive startups, it added.

This investment will further extend Wipro's leadership in the Oracle application services space particularly in cloud applications, which is poised to see high growth with its disruptive value proposition, Wipro said.

It gives Wipro and Drivestream's customers the ability to benefit from Drivestream's market leading Oracle cloud HCM and Oracle cloud ERP solutions and Wipro's end-to-end Oracle services, it added.

"Wipro's investment in Drivestream will fuel our ongoing efforts for continued creativity in the cloud service space.

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