Wipro to sign $130 million all-cash deal with Viteos group for expanding its capital markets portfolio

Wipro, India’s third largest software company, today said it will acquire Viteos Group, a BPaaS (business process as-a-service) provider for alternative investment management industry for $130 million in a all-cash deal, a Moneycontrol report said.

The software company says that the acquisition will expand Wipro’s capital markets portfolio in fund accounting services and enhance its business process services capabilities. The deal is expected to be closed by the fourth quarter of FY16.

“Viteos’s proprietary platforms, which offer transformation and integration of post-trade operations can be leveraged to launch solutions across other segments of capital market. These technology-based solutions will bring in non-linear and higher value realisation,” Wipro said in a statement to the exchange.

Founded in 2003, Viteos is headquarered in Somerset, New Jersey. The group provides customised straight-through-processing and integrates post-trade operations across every class, currency, border or structure for alternative investment management industry in the US, Europe and Asia.

It is a leader in shadow-accounting services and offers a full range of middle and back-office outsourcing through its over 400 employees. “The IT services industry is moving to an ‘as-a-service’ model and future of BPS is going to be BPaaS. 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,” says Shaji Farooq, President and CEO, Finance Solutions, Wipro.

At 9.35 am, shares of Wipro were a tad higher at Rs 557.05 as against 0.8 percent rise in benchmark Sensex.