Wipro Ltd. (WIT) on Wednesday said it agreed to sell its Workday and Cornerstone OnDemand business to Alight Solutions for up to $110 million in cash.
The India-based information-technology, consulting and outsourcing company said the purchase price includes $100 million at closing and $10 million in deferred consideration payable a year later based on the achievement of performance targets.
Wipro said about 350 Workday and Cornerstone OnDemand employees will be moving to Alight. A provider of health, wealth and human-resources solutions that earlier this month filed for an initial public offering.
Wipro, which last year signed a 10-year agreement to provide solutions and service to Alight, said the companies will continue to explore additional strategic opportunities and possible alignment of their portfolios.