Wipro picks up minority stake in Israeli firm for Rs 9.9 crore

The Bengaluru-based company expects the transaction to be completed by August 31, 2016.

Wipro's net profit for the June quarter had declined 6.7% to Rs 2,059 crore. Photo: IANS

Country's third largest software services firm Wipro has bought minority stake in Israeli cyber security company, Intsights Cyber Intelligence for $1.5 million (Rs 9.9 crore).

"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," 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.

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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 HealthPlan 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% down at Rs 524.80 apiece on BSE.

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