IT services provider Wipro on Wednesday announced its deal to acquire Viteos Group, a BPaaS (Business Process as-a-Service) provider for the alternative investment management industry, for $130 million.
The acquisition of Viteos will strengthen Wipro’s business in the capital markets domain. Shankar Iyer is the CEO and founder of Viteos Group.
Wipro will retain the Viteos name and the management team to drive Viteos’s platform-led outsourcing services into the larger asset management industry where Wipro’s sizable presence offers support.
Viteos Group, founded in 2003 and headquartered in Somerset, New Jersey, provides customized straight-through-processing and integrates post-trade operations for the alternative investment management industry in the United States, Europe and Asia. It has more than 400 employees in India and the U.S.
Wipro, which provides Business Process Services (BPS) to global investment banks, 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.
Viteos licenses its platform offering transformation and integration of post-trade operations. The Viteos platform is designed to launch technology-based solutions across other segments of capital markets.
“The IT services industry is moving to an as-a-Service model, and the 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 and outcome-based pricing models,” said Shaji Farooq, president and chief executive, Finance Solutions, Wipro.