Dutch fund administrator Intertrust has announced it will acquire Viteos, a tech-enabled provider of middle and back-office services, in a deal worth $330 million.
With some 715 employees, Viteos operates a global delivery model with its headquarters and sales team in the US and Centres of Excellence in India. It earns the bulk of its revenues in the US – a key attraction for Dutch-based Intertrust which has made a number of efforts to grow its US presence.
Intertrust sees the acquisition as furthering its strategy of becoming a global leader in tech-enabled corporate and fund solutions.
“The combination of these world-class businesses enhances our global position in fund services, expands our presence in the US and unlocks many opportunities to cross-sell our products and services,” said Stephanie Miller, CEO of Intertrust.
Viteos’ co-founders, Shankar Iyer and Chitra Baskar (formerly CEO and COO, respectively), will join Intertrust’s executive committee. “We have longstanding relationships with the Intertrust team who are familiar with our industry-leading technology solutions,” said Iyer.
“By bringing together our complementary strengths and capabilities, we will significantly enhance the future prospects for the combined group.”
In September last year, Intertrust laid out its strategic plan for the next three years, with acquisitions being a central part to growing its fund administration business.
The 2019-21 strategy laid out by Miller, the former head of global fund services at JP Morgan, aims to grow the administrator to become a tech-enabled corporate and fund solutions provider.
A central part of its growth strategy will be organic growth and mergers and acquisitions (M&A), with a strong focus on fund administration and capital markets.