IT major Wipro to acquire Viteos Group

IT major Wipro to acquire Viteos Group

India’s third-largest IT services firm Wipro on Wednesday decided to acquire business process outsourcing (BPO) technology platform provider for capital markets, Viteos Group, for $130 million.

In a regulatory filing on Wednesday, the company stated that it has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry, for a purchase consideration of $130 million.

Besides solutions for processing, reconciliation of trade, settlements, the 12-year-old, Somerset, US-headquartered company integrates post-trade operations across every asset class, currency, border or structure for the alternative investment management industry in the US, Europe and Asia.

Viteos, which earned a total revenue of $26.5 million in the last fiscal year, has around 400 employees. Wipro expects that  Viteos’ technology-based solutions will bring in non-linear and higher revenue realisation for the company.

The acquisition is subject to customary closing conditions, and regulatory approvals, and will be completed in the quarter ending March 2016.

The management team at Viteos will continue with the business and drive the platform-based outsourcing business services, Wipro said in a statement.

According to analysts, the move comes after Indian IT companies’ efforts to move towards intellectual property-led   profitable software platforms to deliver services than conventional technology solutions from their engineers.
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