On March 5, IT giant Wipro revealed its acquisition of a 27 percent stake in SDVerse, a prominent automotive software marketplace platform, in collaboration with industry leaders General Motors and Magna.
Wipro, in collaboration with General Motors and Magna, is set to develop SDVerse, a B2B sales platform designed for the buying and selling of automotive software.
The company will invest $5.85 million (approximately Rs 48.49 crore) in cash for this endeavor. Wipro IT Services LLC, a subsidiary of Wipro, has inked an agreement with General Motors and Magna International, who will hold 46% and 27% stake in SDVerse, respectively, as per a regulatory filing by Wipro.
The transaction is slated to be finalized before the conclusion of March 2024. On Tuesday, Wipro’s stock on BSE saw a 1.45 percent decrease, closing at Rs 512.95.
Wipro stated, “Investing in SDVerse further solidifies Wipro’s position as a leader in Software Defined Vehicle / CloudCar engineering services.”
In the regulatory filing, the company emphasized that the automotive software ecosystem is still underdeveloped, presenting significant growth prospects. By “opening up new revenue streams and broadening the customer base,” there are ample opportunities for expansion. SDVerse is dedicated to facilitating connections between automotive software buyers and sellers via a transparent and efficient digital platform.
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