In a bid to grow its fund accounting and business process services and capabilities, Bangalore-based IT consultancy Wipro has agreed to acquire Viteos Group. The Times of India reports a purchase price of $130 million.
Viteos Group provides a proprietary platform built for cross-border, any asset class, any currency, post-trade operations for the U.S. alternative investment-management industry. The company has offices in New York, New Jersey, London, and the Cayman Islands.
Nagendra Bandaru, SVP and head of business process services for Wipro, says Viteos “brings with it experienced leadership, domain expertise, and unique BPaaS capability.” Speaking for Viteos, company founder and CEO Shankar Iyer referred to the acquisition as the “culmination” of his company’s “search for a global partner.”
From left: Wipro General Manager Mukund Kalmanker, Wipro general manager, and Sudhakar Babu Tamminedi, Wipro practice head, demonstrated ngGenie myAdvisor at FinovateEurope 2015 in London.
Terms of the acquisition were not immediately available, and the deal is still subject to regulatory review. The acquisition is scheduled to be complete by the end of March 2016.
The deal combines Viteos Group’s buy-side expertise with Wipro’s sell-side credentials in areas such as reconciliation, settlements, and KYC, among others. President of Wipro, CEO Shaji Farooq explained that the trend of IT services moving toward the “as-a-service” model made a deal like this one with Viteos a priority. “Our strategy is to invest in industry vertical platforms which will provide platform-based services to our clients in a transaction/outcome-based pricing model,” Farooq explained. “Viteos will further our strategy in the capital markets domain.”
Viteos Group is Wipro’s second acquisition of the month. The company announced plans to acquire IT consultancy Cellent AG for €73.5 million early in December and, in June, Wipro launched its e-KYC solution which leverages its AI platform, Wipro HOLMES. The company began the year with a major, multiyear, IT outsourcing contract with Allied Irish Banks (AIB).
Founded in 1945 as Western India Palm Refined Oils Limited, Wipro is headquartered in Bangalore, India. A multinational IT consulting and systems-integration firm, Wipro demonstrated its Wipro ngGenie myAdvisor technology at FinovateEurope 2015.