Indian IT major Wipro has agreed to purchase Viteos Group, a BPaaS provider for the alternative investment management industry for $130m.
Wipro senior vice president and head for business process services Nagendra Bandaru said that the acquisition will expand Wipro’s capital markets portfolio in fund accounting services and enhance its business process services capabilities.
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Post acquisition, Viteos will retain its identity to leverage its brand in the buy-side and expand its offerings into the larger asset management industry with the backing of Wipro’s size and presence.
Also, the management team at Viteos will remain with the business and drive the platform based outsourcing business services.
Subject to customary closing conditions and regulatory approvals, the deal is expected to close during the quarter ending 31 March 2016.
Founded in 2003 and headquartered in New Jersey, Viteos Group provides customised straight-through-processing and integrates post-trade operations across every asset class, currency, border or structure for the alternative investment management industry in the US, Europe and Asia.
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By GlobalDataWipro president & chief executive for finance solutions Shaji Farooq said: "Our strategy is to invest in industry vertical platforms which will provide platform-based services to our clients in transaction/outcome-based pricing models. Viteos will further our strategy in the Capital markets domain."
Bandaru added: "We are excited to join hands with Viteos and expand our Capital markets portfolio in fund accounting services and enhance our Business Process Services capabilities.
"We believe we will be able to leverage synergies to offer platform-based transformational services to our customers and continue to dominate the Capital markets outsourcing space."
Viteos CEO & founder Shankar Iyer said: "Our search for a global partner who gives Viteos exceptional market reach in expanding our presence while preserving the entrepreneurial characteristics of Viteos culminated with this acquisition by Wipro."
