IT services provider Wipro made the first investment from its $100m Wipro Ventures fund yesterday, providing $5m for US-based cloud services company Drivestream.
Drivestream provides management and IT consultancy services, and specialises in helping large and medium-sized businesses to move their operations to the cloud.
Wipro made the investment as part of a strategic partnership with Drivestream, an Oracle cloud applications systems integrator, to build an integrated cloud solutions stack.
A spokesman for Wipro told Global Corporate Venturing: “Drivestream has developed innovative solutions particularly suited for the cloud [software-as-a-service] market.
“The company has achieved significant market share in this space, has demonstrated strong client references and has a robust pipeline. In addition, we found good cultural synergies between the two companies.
“The Wipro Ventures fund has been conceptualised to invest in start-ups developing technologies and solutions that will complement Wipro’s businesses through next generation solutions and products. We are always looking for investment opportunities that align with our strategic business goals.”