Wipro picks up minority stake in US-based Emailage

New Delhi: Country's third largest software firm Wipro Monday said it has picked up a minority stake in US-based Emailage Corporation, for an undisclosed sum.

"Wipro has made a strategic investment in and signed a partnership with Emailage Corporation, a fast growing risk assessment and fraud prevention company," Wipro said in a filing to the BSE.

This investment is in line with Wipro's strategy to participate in the external innovation ecosystem, for which the company has set up Wipro Ventures, it added.

When contacted, Wipro said it has "made a minority investment in Emailage as part of our Wipro Ventures initiative. Our investment is small, currently less than 5 percent of Emailage's equity."

No financial details were disclosed.

"This investment is not a material event as per Regulation 30 and Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements), 2015 and does not trigger the disclosure obligations and is being sent to the Stock Exchanges for information," Wipro said in the filing.

Wipro Ventures is the strategic investment arm of Wipro, which invests in early- to mid-stage start-ups.

It is a USD 100 million fund that leverages the global reach and scale of Wipro with the speed and innovation of start-ups to deliver disruptive products and services to Fortune 500 customers.

It invests in areas like Open Source, Big Data and Analytics, Artificial Intelligence, Digital, the Internet of Things and Security.

Based in Arizona, Emailage has offices in Brazil and the UK. It works with Fortune 500 financial institutions, merchants, businesses and organizations globally.