Wipro takes minority stake in Drivestream Inc. – Invests USD 5 Million
Plan to build an integrated Cloud Solutions stack for customers
Bangalore, India and Virginia, USA, March 17, 2015: 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.
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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.