Wipro Takes Minority Stake in Drivestream Inc. – Invests USD 5 Million
March 17 2015 - 3:01PM
Business Wire
Plan to build an integrated Cloud Solutions
stack for customers
Wipro Limited (NYSE:WIT) and Drivestream Inc. today announced
that they have signed an agreement to enter into a strategic
partnership to build an integrated Cloud Solutions stack for
customers. As part of this arrangement, Wipro is investing USD 5
million in Drivestream Inc., a leading Oracle cloud applications
systems integrator. This is part of Wipro’s strategic drive to
actively participate in the external innovation eco-system, for
which the company has set up Wipro Ventures, a USD 100 Million fund
focused on investing in disruptive start-ups.
Software-as-a-service represents an unprecedented opportunity
for business value creation. 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.
This partnership 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. Wipro’s global customer base in the enterprise market
coupled with Drivestream’s established credentials in successful
cloud implementations will offer unparalleled value to the
customers.
"This investment into Drivestream reflects Wipro’s continued
commitment to help our customers adopt Oracle cloud applications.
This unique complement of strengths between the two companies will
enable us to jointly deliver value to our customers and enhance our
leadership in the Oracle cloud market space," said Bhanumurthy
B.M., Chief Executive, Application Services and Strategic
Alliances, Wipro Ltd.
Gopal Krishna, President and Chief Executive Officer of
Drivestream Inc., said, "We are very honoured that a top
brand and a global market leader, Wipro, has observed us, taken
notice of our unique capabilities and our market potential as
the leading partner for Oracle Cloud applications. We attribute our
growth and this recognition to our innovative cloud service
solutions that create significant value for both Oracle and its
cloud customers. Wipro’s investment in Drivestream will fuel our
ongoing efforts for continued creativity in the cloud service
space. This strategic partnership with Wipro positions us for
significant scalability both in the US and around the globe."
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology,
Consulting and Business Process Services company that delivers
solutions to enable its clients do business better. Wipro delivers
winning business outcomes through its deep industry experience and
a 360 degree view of "Business through Technology" - helping
clients create successful and adaptive businesses. A company
recognized globally for its comprehensive portfolio of services, a
practitioner's approach to delivering innovation, and an
organization wide commitment to sustainability, Wipro has a
workforce of over 150,000, serving clients in 175+ cities across 6
continents. Wipro recently launched Wipro Ventures, a USD 100
million fund to invest in disruptive start-ups and participate in
the innovation eco-system. For more information, please visit
www.wipro.com
About Drivestream Inc.
Drivestream is a management and IT consulting firm
specializing in Oracle Cloud Services (HCM, ERP, Planning &
Budgeting), and on-premise PeopleSoft application implementation,
upgrades, enhancements and ongoing support. Drivestream’s
innovative and comprehensive cloud service offerings such as
CompleteCloud and CloudAssure enable companies of all sizes and
industries to implement new cloud solutions or migrate existing
on-premise applications to the cloud.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks
and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional
risks that could affect our future operating results are more fully
described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and
our reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us
or on our behalf.
Wipro Ltd.Vipin Nair, +91
9845014036vipin.nair1@wipro.comorDrivestream Inc.Fal Sarkar,
+1 (925) 658 2150Fal.Sarkar@drivestream.com
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