Wipro has reportedly sold its 8% stake in US-based startup Axeda, with a threefold return on a small investment it made a year ago after Rishad Premji took over as head of strategy. The company had spent about $5 million in June 2013 for the stake in machine-to-machine learning and Internet of things solution provider, valuing it at over $50 million. The Bangalore-based company was made to exit after Nasdaq-listed PTC bought Axeda for $170 million in cash in July this year. The company has sold the stake to PTC.
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