Wipro acquires minority stake in Israeli cyber security firm – IT Voice | Online IT Media

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.

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