Wipro buys 26 per cent stake in IT consulting company Drivestream

BENGALURU: Wipro increased its stake in IT consulting firm Drivestream to 26.1% after exercising an optionally-convertible note for about $809,000.

In 2015, Wipro invested $5 million in Drivestream in return for an undisclosed minority stake. Drivestream had issued Wipro an optionally convertible note in March 2016. On conversion of the note, the Bengaluru-headquartered IT services company acquired 27,865 shares of common stock of Drivestream and 19,679 Series B preferred stock.

Drivestream was established in 2001 and had revenue of about $20.5 million at the end of 2016.

“Wipro’s global customer base in the enterprise market coupled with Drivestream’s established credentials of successful cloud implementation in the mid-market will offer unparalleled value to the customers,” Wipro said in a filing to the Bombay Stock Exchange.