Wipro has found love in Israel. The third largest software services firm in India, has invested around $1.5 million to acquire a minority stake in Intsight Cyber Intelligence, an Israeli cyber-security startup.
The company is expecting the transaction to be completed by 31st August 2016. In a statement to stock exchange, Wipro has said that it has picked up a “minority stake of less than 20% on fully diluted basis”.
Intsights Cyber Intelligence is based in Tel Aviv, Israel, and was founded in 2015 by Guy Nizan. The company offers a software platform to clients which can detect cyber-attack threats before they even happen. It has also created a solution that provides a unique remediation process, and in one click, enables clients to remove the threat. The company utilizes unique technologies to automate intelligence gathering and related data mining.
The company believes to be the answer for the growing need for rapid, accurate cyber intelligence and incident mitigation. In October 2015, it had raised $1.8 million from Israeli venture capital firm Glilot Capital Partners.
This funding news in the Israel-based Intsight comes months after Wipro invested in Israel-based venture capital firm TLV Partners. The VC firm is dedicated to invest in innovative A-round startups with cutting edge technologies in various sectors, including Cyber Security, Enterprise Software, B2B, Internet of Things, Fin-Tech and so on.
Lately, Indian companies have started investing in abroad. Apart from investment in TLV Partners, Wipro has announced a string of investments, including acquisition of companies like HealthPlan Services, Cellent of Germany and US-based Viteos Group.
Earlier this year, Wipro’s arch-rival Infosys invested $4 million in Israeli cloud computing startup Cloudyn from the company’s $500-million Innovation Fund. It also bought Israel-based automation tech firm Panaya for $200 million last year.
Israeli startup ecosystem has been gaining a lot of attention. According to the Startup Genome, Tel Aviv was ranked as the fifth best startup ecosystem in the world in 2015, just behind Silicon Valley, New York City, Los Angeles and Boston.