Billionaire Azim Premji promoted Wipro Limited has entered into a Series G preferred unit purchase agreement to increase its investment in Opera Solutions LLC by $ 8.2 million.
According to a statement made by the Bangalore-based company, post the additional investment, Wipro will continue to classify the investment as ‘Available for sale investment’.
In a company statement filed to the bourses the company also informed that the Series G was made on October 8, 2014. Wipro had earlier acquired a minority stake in Opera for $30 million in May last year.
Opera Solutions is a technology company founded in 2004 which uses advanced techniques to extract value from Big Data. With approximately 200 machine learning scientists among its 700 employees, Opera has offices in North America, Europe and Asia.
“Big Data represents an unprecedented opportunity for business value creation but many enterprises do not have the right technology or the science to access its power. Opera Solutions supplies these critical capabilities in a form that allows organizations to rapidly turn raw Big Data into strategic advantage, profit, and productivity,” Wipro had said in an earlier press release.