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June 18, 2019

Intertrust buys Viteos in $330m deal

Dutch trust operator Intertrust has acquired Viteos, a technology solutions provider for US funds, for $330m.

The sellers were PPC Enterprises, FiveW Capital and Viteos management, who bought Viteos in 2017.

Established in 2003, Viteos services hedge funds, private equity, real estate, private debt and other alternative asset managers.

Its staff headcount is around 715.

The firm generated $52m in revenue for the year ended 31 March 2019.

Intertrust CEO Stephanie Miller said: “The combination of these world-class businesses enhances our global position in fund services, expands our presence in the U.S. and unlocks many opportunities to cross sell our products and services.

“It will provide tremendous benefits to our existing clients through advanced technology, a digitised delivery model and a solution-oriented service suite.

“With the addition of over 700 employees including 130 technology experts, I am particularly excited for the future innovations that our combined organisation will bring to the industry.”

Intertrust expects the acquisition to offer mid-single digit EPS accretion by next year and double-digit accretion by 2021.

Deutsche Bank acted as financial adviser to Intertrust and Simpson Thacher & Bartlett LLP acted as legal counsel.

As part of the deal, Viteos co-founders Shankar Iyer and Chitra Baskar have gained seats on the Intertrust executive committee.

The pair and other key Viteos staff have reinvested around 35% of their proceeds in Intertrust shares.



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