Wipro divests two businesses for $110 million

Wipro has divested its Workday and Cornerstone businesses to Alight Solutions for $110 million.

India’s fourth largest software exporter had bagged a 10-year deal in 2018 from Alight Solutions for $1.5 billion. As a part of the deal —a first of its kind in the Indian IT sector — Wipro will divest both these businesses to Alight Solutions for cash of up to $110 million. Further, out of the $110 million, $100 million would be payable at closing of the deal and the balance $10 million would be a deferred consideration payable at the end of 12 months based on the achievement of performance targets, the company said in a statement.

The deal is expected to close during the quarter ending March 31, 2019.