Bengaluru-headquartered IT (information technology) services major Wipro has sold its stake in hybrid IT services provider Ensono Holdings for $76.24 million (about Rs 51.7 crore) to global investment firm KKR.
Wipro had acquired 10.2% stake in the Illinois headquartered company in March 2018 at an investment of $55 million.
The IT services giant had signed a long-term partnership agreement with the company when it sold its hosted data centre business to Ensono for a consideration of $405 million. As part of the deal, Wipro transferred 900 employees to Ensono and sold eight data centres to the company.
“As part of recently announced acquisition of Ensono by KKR, Wipro has sold its entire stake in Ensono Holdings, LLC for a consideration of US$ 76.24 million. Consequent to the sale, Wipro does not hold any stake in Ensono Holdings, LLC,” said Wipro in a filing with the stock exchange.
In April, KKR announced the acquisition of Ensono Holdings from Charlesbank Capital Partners and M/C Partners in a deal valued at $1.7 billion, according to reports.
After selling of its non-core businesses, Wipro has managed to shore up smaller buys in alignment with its primary business verticals. In 2020, it acquired SaaS and cloud solutions provider for financial services sector Encore Theme Technologies, apart from engineering services company Eximius Design and European Salesforce multi-cloud partner, 4C. Earlier this year the company announced its largest acquisition, a $1.45 billion buy, with London headquartered global management and technology consultancy firm Capco.
Sourced from VCCircle - written by Payal Ganguly