Wipro ups stake to 26.1% in cloud solution firm Drivestream

Move is part of Wipro's strategy to drive global investments in technology start-ups

Wipro, the country's third-largest information technology (IT) services firm, has increased its holding to 26.1 per cent in US-based cloud solution company, Drivestream.

The Bengaluru-headquartered company said in a filing with BSE that it paid $8,09,690 in cash to buy additional stocks issued by Drivestream, including 19,679 Series B preferred stocks and 27,865 common stocks.

Wipro first picked up an undisclosed stake in 2015 for $5 million. Drivestream, an IT consulting firm that specialises in Oracle cloud services, reported revenues of $20.5 million in 2016 as against $23 million in 2015.

Wipro said this investment would allow customers of both companies to benefit