IT services major Infosys on Monday said it will make an additional investment of $0.45 million in TidalScale Inc, taking its total investment in the software-defined-server technology startup to $3.45 million.
"The company has agreed with TidalScale Inc, leading software-defined-server technology startup, to invest an additional sum of $0.45 million (till date, the company had invested $3 million), taking the cumulative investment to $3.45 million as of date), subject to necessary closing conditions," Infosys said in a regulatory filing.
The investment is intended to be utilised for R&D, business development and working capital needs, it added.
The transaction is expected to be completed in the second quarter of FY2022, it said.
Infosys has a minority holding, not exceeding 20 per cent of the outstanding share capital of TidalScale Inc.
The Bengaluru-headquarterd company had invested $1.5 million in TidalScale Inc in 2016.
In September 2018, Infosys had announced an additional $1.5 million (around Rs 11 crore) infusion into the startup through the Infosys Innovation Fund.
Founded in 2013 in California, US, TidalScale's software helps enterprises to virtualise server for faster deployment with reduced cost and improved in-memory compute performance in private/public/hybrid cloud environment. Enterprises who are experiencing exponential growth in data see significant value in TidalScale's offering.
(Published 16 August 2021, 17:19 IST)
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