Wipro to buy 33.3% stake in US-based Denim for USD8.8m

IT and software major Wipro is acquiring a minority stake of 33.3 per cent in US-based application security firm Denim for USD8.8m in an all-cash deal. In a statement, Wipro said the partnership will enhance its digital transformation and cybersecurity capabilities with Denim’s application security consulting, assessments and implementation services. As part of the transaction, Wipro will pick 510 Series A preferred units of Denim Group and 500 membership units of Denim Group Management, LLC, Wipro said in its disclosure to the stock exchanges. US-based Denim Group, which was started in 2001, has about 60 employees and offices in Austin and Dallas. It reported revenue of USD11.3m for the calendar year 2017.

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