Wipro Ltd., the global IT, consulting and business process firm, has signed an agreement to acquire Viteos Group, a BPaaS provider for the alternative investment management Industry. The deal is reportedly valued at $130 million.
As a provider of business process services (BPS) to some of the global investment banks, the Viteos deal will add similar capabilities on the buyside.
Viteos was founded in 2003 and is headquartered in Somerset, New Jersey. The firm provides straight-through-processing and post-trade operations across all asset classes, currencies, borders or structure for the alternative investment management industry in the US, Europe and Asia. It also offer shadow-accounting services and middle and back-office outsourcing through its more than 400 employees.
“The IT services industry is moving to an ‘as-a-Service’ model, and the future of BPS is going to be BPaaS (Business Process as-a-Service). 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, said Shaji Farooq, president and chief executive for finance solutions of Wipro.
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. We are excited to be part of a trusted global leader and the transaction is a further recognition of our value and validation of our commitment to deliver excellence through our investments in people, process and technology. It gives me immense pleasure in continuing to be part of a growth story that can reach even greater heights, said Shankar Iyer, CEO and founder of Viteos Group.
The acquisition is subject to customary closing conditions and regulatory approvals and will be completed in the quarter ending March 31, 2016.
