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Wipro invests in Squadcast, sells stake in Denim Group and partners with Finastra

Wipro invests in Squadcast, sells stake in Denim Group and partners with Finastra
Photo Credit: 123RF.com
3 Jun, 2021

Bengaluru headquartered IT (information technology) services major Wipro on Wednesday announced that it is acquiring 20% stake in cloud based incident management software provider Squadcast for $1.2 million (about Rs 8.7 crore).

According to the filings made with the stock exchange, the strategic investment by Wipro is meant for business partnership for IT incident response. 

Delaware headquartered Squadcast provides an incident response platform to help software engineers provide on-call scheduling and incident management with Site Reliability Engineering (SRE). The platform records centralised alerts, notification rules, escalations, schedules and more enabling businesses to minimize downtime and improve mean-time-to-resolution. 

In a separate announcement, Wipro said that it has sold its entire stake in American application security firm, Denim Group to cloud and cybersecurity consulting and managed services provider, Coalfire.  

Wipro had acquired 33.33% in Denim Group in 2018 at an investment of $8.83 million and sold the same for $22.42 million as part of Denim Group’s acquisition by Coalfire, announced earlier this week. 

Earlier this week, Wipro announced the sale of its entire stake in hybrid IT services provider Ensono Holdings to private equity firm KKR. 

Wipro has also separately announced partnering with London headquartered software provider to the financial service industry Finastra to offer their services for digital transformation of corporate banks across Asia Pacific. 

“This partnership is in line with our continued efforts to strengthen our presence in Asia-Pacific and drive digital transformation. Having recently acquired Encore Theme Technologies, a specialist in implementing Finastra’s trade finance solutions, this agreement is a logical next step in deepening our mutually beneficial partnership,” said Harpreet Arora, vice president, BFSI domain and consulting head at Wipro Limited, in a statement. 

Wipro, in October 2020, had announced the acquisition of SaaS and cloud solutions provider for financial services sector, Encore Theme Technologies, for $12.8 million. Encore Theme helps in implementation of trade financing solutions developed by Finastra for clients in the Middle East, Africa and Asia Pacific region.  

The partnership will combine Wipro’s service portfolio including consulting, digital, infrastructure and operations as well as Finastra’s trade finance and cash management solutions, said the company in the statement.