Wipro buys stake in Israeli firm

Wipro buys stake in Israeli firm

Wipro buys stake in Israeli firm

 Wipro, India’s third largest software services firm, has bought a minority stake in Israeli cybersecurity company Intsights Cyber Intelligence for $1.5 million.

In a BSE filing on Thursday, Wipro stated that the target entity (Intsights) is an early-stage company, founded in 2015. “Intsights offers a threat intelligence-driven security platform employing cyberintelligence, rapid mitigation and one-click remediation,” states Wipro. The transaction to be completed by August 31, 2016.

It took 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.

Earlier, Wipro announced other investments, including acquisition of companies like HealthPlan Services ($460 million), Cellent of Germany ($77 million), and US-based Viteos Group ($130 million).

But the company later called off the buyout of 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.

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