Wipro picks up 27% stake in SDVerse LLC for $5.85 million

6 Mar 2024 , 11:38 AM

Wipro, a prominent IT company, stated on March 5 that it has bought a 27% investment in SDVerse, an automotive software marketplace platform co-founded by General Motors and Magna. Wipro, along with General Motors and Magna, will create SDVerse, a B2B sales platform for purchasing and selling automotive software.

Wipro plans to invest $5.85 million (₹48.49 Crore) in cash in the firm. ‘Wipro’s step-down subsidiary, Wipro IT Services LLC has entered into an agreement with General Motors and Magna International, who will hold 46% and 27% stake in SDVerse respectively.’ , according to a regulatory document filed by Wipro.

The transaction is scheduled to close by the end of March 2024.

‘Wipro’s investment in SDVerse strengthens its position as a leader in Software Defined Vehicle / CloudCar engineering services,’ the business stated.

The business also stated in the regulatory filing that the ecosystem of automotive software is immature and has great development prospects by ‘opening up new revenue streams and broadening the customer base. SDVerse aims to link automotive software buyers and vendors via a transparent and efficient digital marketplace.

At around 10.37 AM, Wipro was trading 1.92% lower at ₹503.30, against the previous close of ₹513.30 on NSE. The counter touched an intraday high and low of ₹513.70 and ₹502, respectively.

For feedback and suggestions, write to us at [e-mail]