Wipro investing $8.2M more in Big Data firm Opera Solutions
Azim Premji-led Wipro Ltd, India's third-largest software services provider, has entered into a Series G preferred unit purchase agreement to invest an additional $8.2 million into New Jersey-headquartered Opera Solutions LLC, a provider of Big Data predictive and prescriptive analytics solutions. Post the investment, Wipro will continue to classify it as 'available for sale' investment, it disclosed on Wednesday.
Wipro had earlier acquired a minority stake in Opera for $30 million in May last year.
Founded in 2004, Opera leverages advanced technology to extract value from Big Data and uses a combination of analytics technology, machine learning science, large-scale data management and human expertise to build and deliver analytics solutions. The company caters to financial services, healthcare, government, supply chain, marketing, and other sectors. With approximately 200 machine learning scientists among its 700 employees, Opera has offices in North America, Europe and Asia.
Bangalore-headquartered Wipro is an IT, consulting and outsourcing company. Wipro works with customers to develop end-to-end analytics and information strategy, leveraging process assets and solutions based on analytic business intelligence, enterprise performance management and information management. Wipro has over 140,000 employees and clients across 54 countries.
Q2 PAT up
Wipro reported consolidated net profit of Rs 2,085 crore for the quarter ended September 30, 2014, on net revenues of Rs 11,816 crore. While both net profit and revenues rose around 8 per cent over the year ago period, the company missed street estimates for its earnings.
(Edited by Joby Puthuparampil Johnson)