India’s third largest software services provider Wipro has invested $1.5 million to acquire minority stake in Tel Aviv based cyber security platform provider Insights Cyber Intelligence Limited.
Through the investment the IT major has acquired stake of less than 20 per cent in the Israeli start-up, said Wipro in a regulatory filing on the Bombay Stock exchange.
“Insights offer a threat intelligence driven security platform employing cyber intelligence, rapid mitigation and one-click remediation,” according to the filing.
The transaction would be completed on or before August 31. Insights Cyber Intelligence Limited was founded in 2015.
Wipro, a global information technology, consulting and outsourcing company employs more than 170,000 professionals serving more than 175 cities across six continents. The company posted revenues of $7.7 Billion for the financial year ended Mar 31, 2016.
Multiple acquisitionsPTI reports:
In the past few quarters, Wipro has announced a string of investments, including acquisition of companies like HealthPlan Services ($460 million), Cellent of Germany (for $77 million) and U.S.-based Viteos Group for $130 million. However, it later called off the buyout of U.S.-based Viteos Group, citing inordinate delays in completion of closing conditions. Wipro’s net profit for the June quarter declined 6.7 per cent to Rs.2,059 crore.
