IT company Wipro on Friday, December 23, said it has bought a minority stake of less than 20 percent on a fully diluted basis in US-based Kibsi for $1.5 million. In an exchange filing, Wipro said this is a minority strategic investment, and the company wanted a business partnership in the domain of computer vision applications. The transaction has to be completed on December 23, 2022, it said.
Kibsi Inc was incorporated in July 2021 in Delaware, US. It is a developer of an end-to-end fully integrated environment designed for building computer vision applications. The company's cloud-native, low-code platform democratises computer vision, enabling customers to focus on their business needs instead of complexity.
Recently, Wipro Gallagher Solutions, a wholly-owned subsidiary of Wipro, has sold its shareholding in Wipro Opus Risk Solutions, according to a filing by the company.
With this transaction, Wipro Gallagher has divested only the non-core mortgage due diligence business, while retaining the core mortgage business with itself through other subsidiaries.
"Wipro Gallagher Solutions Inc, a wholly-owned subsidiary of Wipro Limited, has sold all of its membership interests (shareholding) in Wipro Opus Risk Solutions LLC yesterday (that is December 21, 2022)," Wipro said.
Shares of Wipro Ltd ended at Rs 377.65, down by Rs 11.05, or 2.84 percent on the BSE.
(Edited by : Shoma Bhattacharjee)
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