Wipro Ventures Invests in vFunction

February 22, 2022 at 09:18 AM EST

Investment in and partnership with vFunction aimed to augment Wipro FullStride Cloud Services’ capabilities and advance cloud native modernization

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a global leader in information technology, consulting and business process services, today announced that it has formed a joint go-to market partnership with vFunction, a Palo Alto-based startup that has developed a scalable, AI-based technology platform for modernizing Java applications and accelerating migration to the cloud. The partnership will strengthen Wipro FullStride Cloud Services’ position as a leading provider of digital transformation solutions and help advance Wipro’s commitment to accelerating cloud innovation for clients.

In conjunction with this partnership, Wipro Ventures, the corporate investment arm of Wipro, announced that it has invested in vFunction’s Series A funding round to deepen the strategic partnership.

“We are proud to partner with vFunction to enhance our cloud offerings and provide clients with additional capabilities in a critical sector. Wipro is investing over $1 billion over the next three years to build out the capabilities of Wipro FullStride Cloud Services, and we are committed to working with partners and other industry leaders to deliver a cloud ecosystem that meets our clients’ needs,” said Ramachandran Padmanabhan, Vice President, Wipro FullStride Cloud Services.

As a leader in the transformation of complex monolithic Java applications into microservices, vFunction makes it possible for enterprises to eliminate the time, risk, and cost constraints of modernizing business applications. The joint offering, which combines the capabilities of Wipro FullStride Cloud Services with vFunction, will help clients across a range of sectors ease and accelerate their transition to cloud.

“Wipro is an established leader in the cloud segment, and we are excited to partner with them to accelerate our joint customers’ journey to cloud-native architecture. As more and more businesses embrace the cloud to gain a competitive edge, this partnership will be critical in helping them realize the benefits of application modernization and moving to the cloud,” said Moti Rafalin, CEO and Co-founder, vFunction.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 220,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

About vFunction

vFunction is the first and only platform for developers and architects that intelligently and automatically transforms complex monolithic Java applications into microservices, restoring engineering velocity and optimizing the benefits of the cloud. Designed to eliminate the time, risk and cost constraints of manually modernizing business applications, vFunction delivers a scalable, repeatable factory model purpose-built for cloud native modernization. With vFunction, leading companies around the world are accelerating the journey to cloud-native architecture and gaining a competitive edge. vFunction is headquartered in Palo Alto, CA, with offices in Israel. To learn more, visit www.vfunction.com.

Forward-looking statements

The forward-looking statements contained herein represent Wipro's beliefs regarding future events, many of which are by their nature inherently uncertain and beyond Wipro's control. Such statements include, but are not limited to, statements about Wipro's growth prospects, its future financial operating results and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenues and profits, our ability to generate and manage growth, proposed full corporate actions, intense competition in IT services, our ability to maintain our cost advantage, salary increases in India, our ability to attract and retain highly qualified professionals, time and cost burdens on fixed term contracts, fixed term contracts, customer concentration, immigration restrictions, our ability to manage our operations international, reduced demand for technology in our key focus areas, disruptions in telecommunications networks, our ability to successfully complete and integrate potential acquisitions, liability for damages in our service contracts, the success of companies in which we make strategic investments, withdrawal of government tax incentives, political instability, war , legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. Conditions caused by the COVID-19 pandemic may decrease technology spending, negatively affect demand for our products, negatively affect customer spending rate and negatively affect our customers' ability or willingness to purchase our offerings, delay decision-making. purchasing potential customers, negatively affecting our ability to provide on-site consulting services, and our inability to deliver our customers or delaying the delivery of our offerings, all of which could negatively affect our future sales, results of operations and overall financial performance. Our operations may also be adversely affected by a number of external factors related to the COVID-19 pandemic that are not under our control. Additional risks that could affect our future results of operations are further described in our filings with the US Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These files are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220222005584/en/

Contacts

Wipro Media Contact:

Sanuber B. Grohe

Wipro Limited

Sanuber.grohe@wipro.com

vFunction Media Contact:

Karbo Communications

vfunction@karbocom.com

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