WIT - IBM teams up with Wipro on new AI services

2024-02-20 08:07:24 ET

IBM (NYSE: IBM) is in focus today after it announced to have teamed up with Wipro Limited (NYSE: WIT) on new artificial intelligence enabled services.

Details of IBM-Wipro expanded partnership

The Indian multinational rolled out Wipro Enterprise AI-Ready Platform on Tuesday that leverages watsonx AI and data platform to help clients build their “enterprise-level, fully integrated, and customised AI environments”.

Wipro has also partnered with the New York listed firm on funding the IBM TechHub@Wipro solution, as per the press release on Tuesday.

The news arrives only weeks after IBM reported its financial results for the fourth quarter that handily topped Street estimates. Shares of the Armonk-headquartered firm are now up more than 50% versus their 52-week low in May of 2023.

IBM recently launched an AI venture fund

Wipro associates “will be trained in IBM hybrid cloud, AI, and data analytics tech” as part of the expanded partnership announced on Tuesday.

Jo Debecker – the global head of Wipro FullStride Cloud is convinced that working with IBM on the new solutions will “help enterprises achieve new levels of flexibility” as they set out to create an AI ecosystem specific for their own enterprise.

In November, the $171 billion U.S. giant had revealed plans of launching a $500 million AI venture fund aimed at accelerating generative artificial intelligence for enterprises as Invezz reported here.

Wall Street currently has a consensus “hold” rating on that pays a dividend yield of 3.54% at writing.

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