IT management and consulting firm Drivestream has received another influx of cash from Wipro Limited, which now holds a 26 percent stake in the company, according to various news reports.
Sterling, Virginia-based Drivestream received $809,690 from Wipro, a huge global IT services company based in Bengaluru, India, in exchange for stock.
The move comes more than two years after Wipro invested $5 million in Drivestream in a partnership to build an integrated cloud solutions stack. At the time, Wipro's stake in the company was not disclosed.
The prior investment was part of Wipro’s widespread plan to invest in “disruptive” startups, for which the company set aside $100 million through its Wipro Ventures Fund.
Drivestream: Oracle Cloud Services for HCM, ERP
Drivestream specializes in Oracle cloud services integration, including HCM, ERP, planning and budgeting, as well as on-premise PeopleSoft application management, upgrades, enhancements and ongoing support.
Privately-held Drivestream had revenues of about $20.5 million in 2016, and it employs 73 workers.
Wipro is a major player in the IT services industry with a workforce of 170,000-plus and clients across 175 companies and six continents. The company is India’s third largest IT services provider.
