India’s third largest software exporter, Wipro, has invested $5 Mn in Chennai & US-based Oracle cloud applications systems integrator startup, Drivestream.
The two have entered a strategic partnership to build an integrated Cloud Solutions stack for customers with Wipro picking up minority stake in Drivestream.
The partnership intends to provide an amalgamated benefit from Drivestream’s market leading Oracle cloud HCM and ERP solutions and Wipro’s end-to-end Oracle services to customers.
The investment is one of the first investment from Wipro’s $100 Mn Venture fund to invest in disruptive startups. Prior to this, Wipro invested $30 Mn in US-based Opera Solutions and $5 Mn in Axeda.
Bhanumurthy B.M., Chief Executive, Application Services and Strategic Alliances, Wipro Ltd said, “This investment into Drivestream reflects Wipro’s continued commitment to help our customers adopt Oracle cloud applications. This unique complement of strengths between the two companies will enable us to jointly deliver value to our customers and enhance our leadership in the Oracle cloud market space.”
Founded in 2002 by Gopal D. Krishna, Drivestream provides strategic advice and tactical support for implementing, upgrading and maintaining and supporting PeopleSoft, Oracle Fusion Applications, Business Intelligence and Data Warehousing solutions.
Gopal Krishna, President, Drivestream, said, “We are very honoured that a top brand and a global market leader, Wipro, has observed us, taken notice of our unique capabilities and our market potential as the leading partner for Oracle Cloud applications. We attribute our growth and this recognition to our innovative cloud service solutions that create significant value for both Oracle and its cloud customers. Wipro’s investment in Drivestream will fuel our ongoing efforts for continued creativity in the cloud service space. This strategic partnership with Wipro positions us for significant scalability both in the US and around the globe.”
Software-as-a-service represents an exceptional opportunity for business value creation. With this investment Wipro’s leadership in the Oracle application services space particularly in cloud applications will foresee high growth and disruptive value proposition.