Wipro acquires minority stake in Israeli cyber security firm
Country’s third largest software services firm Wipro has bought minority stake in Israeli cyber security company, Int sights Cyber Intelligence for $1.5 million.
“The target entity (Insights) is an early-stage company founded in 2015… Int sights offers a threat intelligence driven security platform employing cyber intelligence, rapid mitigation and one-click remediation,” Wipro said in a BSE filing.
Wipro has acquired a “minority stake of less than 20% on a fully diluted basis” in the Tel Aviv-headquartered firm for a cash consideration of $1.5 million, it added.
The Bengaluru-based company expects the transaction to be completed by August 31, 2016.
In the past few quarters, Wipro has announced a string of investments, including acquisition of companies like Health Plan Services ($460 million), Cellent of Germany (for $77 million) and US-based Viteos Group for $130 million.
However, it later called off the buyout of US-based Viteos Group, citing inordinate delays in completion of closing conditions.
Wipro’s net profit for the June quarter had declined 6.7% to Rs 2,059 crore, while its total income from operations rose 10.7% to Rs 13,697.6 crore from the year-ago period.
Shares of Wipro closed 0.75%t down at Rs 524.80 apiece on BSE.