Shaji Farooq, president and chief executive for finance solutions at Wipro, said the IT services industry is moving to an “as-a-service” model, and the future of business process services is going to be BPaaS. It strengths are primarily on sell-side operations and this acquisition will add similar capabilities to the buy-side business.
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In a regulatory filing on Wednesday, the company stated that it has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry, for a purchase consideration of $130 million.
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The Viteos Group, based in New Jersey, provides customized back-office processing services for the alternative investment management industry in the U.S., Europe and Asia. This acquisition reflects Wipro’s efforts to penetrate into the high-margin capital software market by investing in vertical platforms that can offer its clients platform-based services.
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The software company says that the acquisition will expand Wipro’s capital markets portfolio in fund accounting services and enhance its business process services capabilities.
Viteos’ proprietary platform is extensively deployed for transformation and integration of post-trade operations.
Wipro has built a strong niche as a BPO provider to a number of global investment banks, specializing in platform-led transformation and utility-based offerings in reconciliation, know-your-customer, settlements, middle-office, asset servicing, syndicated loans and reference data solutions across asset classes.
Viteos will continue to use its brand in the buy-side and extend its offerings into the larger asset management industry with support from Wipro’s presence. This is particularly beneficial for Wipro, as the technology giant can launch innovative solutions to tap new lucrative segments of capital markets by leveraging these platforms. “These technology-based solutions will bring in non-linear and higher value realisation”, Wipro said in a statement to the exchange.
This is the second acquisition of Bengaluru-headquartered Wipro this month and the company’s third acquisition in 2015. The company has 400 employees and posted revenue of $26.5 million for 2014-15.
The deal is expected to close in the next quarter.
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Wipro rival Infosys is also active in the acquisition business. “It gives me enormous pleasure in continuing to be part of a growth story that can reach even greater heights”, Shankar Iyer, founder and CEO of Viteos Group, said in a prepared statement.
