Wipro sells Intsights stakes owned by it at the compensatory price of $19.17 million. On Tuesday, an announcement was made by Wipro, a global IT services provider about it status of stakes holdings in IntSights.
Insights is a New York-headquartered cyber threat intelligence service providing company, with offices in Amsterdam, Tel Aviv, Boston, and Tokyo.
Wipro sells Intsights stakes, after the announcement of IntSights acquisition on Monday by Rapid7 at the cost of $335 million. Rapid 7 is a security analytics and automation firm, which offers proactive threat remediation, and contextualized external threat intelligence services. The firm has completed the acquisition payment through cash and stocks.
On Tuesday, in a regulatory filing, Wipro said that the company made an aggregate investment of $4.21 million in the IntSights Cyber Intelligence Ltd, during 2016-19. Before Wipro sells Intsights stakes, it was holding less than 20% shares in the firm.
The IT giant made these investments through Wipro Ventures, which is responsible for making strategic investments for Wipro.
According to the filing, since the announcement about the acquisition of Insights by Rapid7 has been made, so Wipro sells Intsights stakes for the consideration of $19.17 million. Now, no stakes in Insights are owned by Wipro.
It was in 2015 when Insights was founded to allow companies to leverage the capabilities of external intelligence to protect themselves.
Wipro Limited is an India-based multinational company, headquartered in Sarjapur Road, Bangalore, Karnataka. Starting as a vegetable and refined oils manufacturer on 29 December 1945, Wipro shifted its focus on the IT and computing industry, in the 1970s.
The services provided by Wipro include IT services, Consulting, Outsourcing, and Managed Services. With the cooperation of 209,890 employees, Wipro recorded a revenue of US$8.7 billion (₹61,943 crores) in 2021.
Along with being one of the largest revenue-generating Indian companies, according to the Fortune India 500, Wipro is also one of the largest employers in India.