News: The acquisition will expand Wipro’s capital markets portfolio in fund accounting services.
Wipro has agreed to acquire the US-based back-office outsourcing company Viteos Group for $130m.
Founded in 2003, Viteos provides business process as a service (BPaaS) for the alternative investment management industry.
Viteos currently has a presence across various markets such as the US, Europe and Asia.
The company, which employs more than 400 people, licenses its platform that provides transformation and integration of post-trade operations.
The acquisition will expand Wipro’s capital markets portfolio in fund accounting services and enhance its business process services capabilities.
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.
The acquisition is expected to be completed in the quarter ending 31 March 2016.
Wipro president and chief executive of finance solutions Shaji Farooq said: "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."
Earlier this month, Wipro acquired German IT consulting and software service provider Cellent from Landesbank Baden-Wuerttemberg for €73.5m.