Wipro, India’s third-largest IT services provider, on Wednesday, said that it has signed a definite agreement to acquire New Jersey-based business process as-a-service (BPaaS) provider Viteos Group for a consideration of $130 million (around Rs 860 crore). This is the Bengaluru-based company’s second acquisition in this month after it decided to acquire German IT and consulting services provider Cellent AG for $77 million (about Rs 517 crore).
Founded in 2003, Somerset-headquartered Viteos Group addresses the alternative investment management industry in the US, Europe and Asia through over 400 employees. Apart from customised straight-through-processing, it also helps clients in this space integrating post-trade operations across every asset class, currency, border or structure, according to the company profile.
"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/outcome-based pricing models,” said Shaji Farooq, president & chief executive, finance solutions, Wipro Limited. “The acquisition of Viteos will further our strategy in the capital markets domain.”
Wipro is one of the leading providers of business process services to some of the global investment banks. Among others, the company specialises in platform-led transformation and utility-based offerings in reconciliation, KYC, settlements, middle office, asset servicing and syndicated loans.
“We are excited to be part of a trusted global leader and the transaction is a further recognition of our value and validation of our commitment to deliver excellence through our investments in people, process and technology,” said Shankar Iyer, CEO & founder of Viteos Group.