Indian IT, consulting and business process services firm Wipro Limited today announced that it has signed a definitive agreement to acquire minority stake in in the American application security company Denim Group.
According to India's Economic Times, the country's third-largest software services exporter said it would pay nearly $8.83 million for a 33 percent stake consequent to "issuance of 510 Series A preferred units of Denim Group and 500 Membership Units of Denim Group Management", the company said in a filing. The all cash deal is expected to close during the quarter ended March 2018, subject to stipulated closing conditions, Wipro said.
“Wipro’s investment in Denim Group reflects our continued commitment to assist our customers in simplifying digital risk management by enabling them to roll out secure software faster,” said Sheetal Mehta, VP and Global Head, Cybersecurity and Risk Services at Wipro. “It strengthens Wipro’s portfolio of digital transformation services as well as taps into services for embedding security in software development methodologies like Agile & DevOps.” Further, it also boosts the company's portfolio of digital transformation services and taps into services for embedding security in software development methodologies, Mehta said.
The US-based company, which was started in 2001, has about 60 employees and offices in Dallas and Austin. It reported revenue of $11.3 million for last financial year, the Bengaluru-based software maker said.