Wipro to Acquire Viteos Group, a BPaaS Provider for the Alternative Investment Management Industry
December 22 2015 - 10:10PM
Business Wire
Wipro Ltd. (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading
global information technology, consulting and business process
services company today announced 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 USD 130 million.
Wipro currently is one of the leading providers of Business
Process Services (BPS) to some of the global investment banks. The
company specializes in Platform-led Transformation and
Utility-based Offerings in Reconciliation, KYC, Settlements, Middle
Office, Asset Servicing, Syndicated Loans and Reference Data
Solutions, with coverage across asset classes. These credentials of
Wipro are primarily on the Sell-Side and this acquisition will add
similar capabilities on the Buy-Side.
Viteos was founded in 2003 and is headquartered in Somerset, New
Jersey. The Viteos Group provides customized
straight-through-processing and integrates post-trade operations
across every asset class, currency, border or structure for the
alternative investment management industry in the United States,
Europe and Asia. It is a leader in shadow-accounting services and
offers a full range of middle and back-office outsourcing through
its 400+ employees.
Viteos licenses its proprietary platform which offers
transformation and integration of post-trade operations. This
platform can be leveraged to launch solutions across other segments
of Capital markets. These technology-based solutions will bring in
non-linear and higher revenue realization. Viteos will retain its
identity to leverage its brand in the Buy-Side and expand its
offerings into the larger asset management industry with the
backing of Wipro’s size and presence. The management team at Viteos
will continue with the business and drive the platform based
outsourcing business services.
"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). Our strategy is to invest in industry vertical
platforms which will provide platform-based services to our clients
in transaction/outcome-based pricing models. Viteos will further
our strategy in the Capital markets domain,” said Shaji Farooq,
President & Chief Executive, Finance Solutions, Wipro
Limited.
“We welcome Viteos employees to the Wipro Family. 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 – Business Process Services, Wipro Limited.
He added, “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.”
“Our search for a global partner who gives Viteos exceptional
market reach in expanding our presence while preserving the
entrepreneurial characteristics of Viteos culminated with this
acquisition by Wipro. 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. It gives
me immense pleasure in continuing to be part of a growth story that
can reach even greater heights,” said Shankar Iyer, CEO &
founder of Viteos Group.
The acquisition is subject to customary closing conditions and
regulatory approvals and will be completed in the quarter ending
March 31, 2016.
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading information technology,
consulting and business process services company that delivers
solutions to enable its clients do business better. Wipro delivers
winning business outcomes through its deep industry experience and
a 360 degree view of "Business through Technology.” By combining
digital strategy, customer centric design, advanced analytics and
product engineering approach, Wipro helps its clients create
successful and adaptive businesses. A company recognized globally
for its comprehensive portfolio of services, strong commitment to
sustainability and good corporate citizenship, Wipro has a
dedicated workforce of over 160,000, serving clients in 175+ cities
across 6 continents. For more information, please visit
www.wipro.com.
About Viteos Group
Founded in 2003 and headquartered in Somerset, New Jersey,
Viteos Group comprises Viteos Fund Services LLC, Viteos Capital
Market Services Limited and Viteos Fund Services Limited. It
provides customized straight-through-processing and integrates
post-trade operations across virtually every asset class, currency,
border, or structure for the alternative investment management
industry in the United States, Europe and Asia. It is a leader in
shadow-accounting services, middle- and back-office outsourcing
services and licenses its platform to investment managers. Viteos’
deep operational and accounting expertise backed by state of art
technology enables a high degree of control via automation in a 24
hour, 5 days a week global delivery model, through its 400+
employees in India and USA.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks
and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional
risks that could affect our future operating results are more fully
described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and
our reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us
or on our behalf.
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Wipro Media Contacts:Vipin Nair+919845014036Vipin.nair1@wipro.comorPurnima
Burman+919900512025purnima.burman@wipro.com
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