Wipro on Tuesday said that it has invested $5 million in Drivestream, a US- based cloud solutions company, as part of its strategy to invest in new-age technology companies.
It has already set up Wipro Ventures, a $100 million-fund focused on investing in disruptive start-ups. This is the third such investment made by Wipro in technology start-ups and the venture arm is headed by its chief strategy officer, Rishad Premji.
The Drivestream investment is purported to strengthen Wipro’s position in the Oracle application services space and cloud applications, which is poised for high growth.
“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 will enable us to jointly deliver value to our customers and enhance our leadership in the Oracle cloud market space,” said Bhanumurthy BM, CEO, application services and strategic alliances, Wipro.