Technology and consulting firm Wipro has purchased fund administration and services provider Viteos in a deal worth $130 million.
Viteos provides Business Process as-a-Service to alternative investment managers and is headquartered in Somerset, New Jersey. The firm licenses its proprietary platform which offers transformation and integration of post-trade operations.
Viteos offers a full range of middle- and back-office outsourcing through its 400+ employees, along with utility-based offerings in reconciliation, KYC, settlements, middle-office, asset servicing, syndicated loans and reference data solutions, with coverage across asset classes.
The acquisition will see Wipro add a buy-side offering to its existing services, which are primarily on the sell-side of the industry.
“We are excited to join hands with Viteos and expand our capital markets portfolio in fund accounting services and enhance our Business Process Services capabilities,” said Nagendra Bandaru, senior vice president and head of Business Process Services, Wipro Limited. “We believe we will be able to leverage synergies to offer platform-based transformational services to our customers and continue to dominate the capital markets outsourcing space.”
Subject to regulatory approvals the deal will be completed in the quarter ending March 31, 2016.