Wipro Acquires US-Based BPaaS Provider Viteos

Wipro has agreed to acquire US-based Viteos Group, a BPaaS provider for the Alternative Investment Management Industry, for $130 million. The Bangalore, India-based outsourcer says the acquisition adds dozens of new clients to its roster and bolsters its position in the capital markets space.
New Jersey-based Viteos has about 400 employees and specializes in shadow-accounting services, besides providing customized outsourcing activities across all asset classes. According to brokergage firms, Viteos’ annual revenue runs into $26.5 million.
Viteos Group comprises Viteos Fund Services LLC, Viteos Capital Market Services Limited and Viteos Fund Services Limited and has offices in the US and India. Founded in 2003, Viteos licenses its proprietary platform that offers transformation and integration of post-trade operations.
India’s third largest software services exporter, Wipro believes that it can fully leverage Viteos platform to launch new solutions for clients in financial services sector.
“The IT services industry is moving to an ‘as-a-Service’ model, and the future of BPS is going to be BPaaS (Business Process as-a-Service). Viteos will further our strategy in the capital markets domain,” said Shaji Farooq, President & Chief Executive of Finance Solutions at Wipro.
Viteos employees and management team will continue with the business trying to expand its offerings into the larger asset management industry with the backing of Wipro’s international presence.
“Viteos brings with it experienced leadership, domain expertise and unique BPaaS capability. 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,” Nagendra Bandaru, Senior Vice President and Head – Business Process Services, Wipro Limited.
With more than 160,000 employees, Wipro serves clients in over 175 cities across six continents across the globe.