Wipro said that it has signed a definitive agreement to acquire Viteos Group , a BPaaS (business process as-a-service) provider for alternative investment management industry for $130 million in a all-cash deal.
The company specializes in Platform-led Transformation and utility-based offerings in Reconciliation, KYC, Settlements, Middle Office, Asset Servicing, Syndicated Loans and Reference Data Solutions, with coverage across asset classes.
These credentials of Wipro are primarily on the Sell-Side and this acquisition will add similar capabilities on the Buy-Side.
Viteos was founded in 2003 and is headquartered in Somerset, New Jersey. The Viteos Group provides customized straight-through-processing and integrates post-trade operations across every asset class, currency, border or structure for the alternative investment management industry in the United States, Europe and Asia.
It is a leader in shadow-accounting services and offers a full range of middle and back-office outsourcing through its 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 & chief executive, finance solutions, Wipro Limited.
The acquisition is subject to customary closing conditions and regulatory approvals and will be completed in the quarter ending March 31, 2016.
Shares of the company were seen trading at Rs 556, higher by 0.10 per cent on BSE at 10.20 am IST. It touched an intra-day high of Rs 559 during the trade.