Wipro on Wednesday announced that it has acquired Viteos Group, a BPaaS provider of Alternative Investment Management Industry for a purchase consideration of $130 million (Rs 861.12 crore).
The platform will be leveraged to launch solutions across other segments of Capital markets. These technology-based solutions are expected to bring in non-linear and higher revenue realisation, said Wipro.
Wipro currently provides Business Process Services (BPS) to some the global investment banks. This acquisition is expected to add to its services and capabilities on the buy-side. The company currently specialises on the sell-side services such as platform-led transformational and utility-based offering, KYC, settlements, middle office asset servicing, syndicated loans and reference data solutions.
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Viteos was founded in 2003 and is headquartered 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, it said in a filing to the BSE.
“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.
“We welcome Viteos employees to the Wipro family. We are excited to join hands with Viteos and expand our Capital markets portfolio in fund accounting services and enhance our BPS capabilities,” said Nagendra Bandaru, SVP and Head – BPS, Wipro.
At 1021 hours, Wipro shares on BSE were trading up 0.10%, or Rs 0.55 at Rs 556.20 per piece.