Somerset-based Viteos Group acquired by Wipro for 130M

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Wipro Inc., an India-based information technology business, announced Wednesday that has agreed to acquire Viteos Group, a Somerset-based Business Process as-a-Service provider for the alternative investment management industry, for $130 million.”The IT services industry is moving to an ‘as-a-Service’ model, and the future of BPS (Business Process Services) 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. Viteos will further our strategy in the capital markets domain,” Shaji Farooq, chief executive and president, finance solutions, Wipro Limited, said in a prepared statement.

“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,” Nagendra Bandaru, senior vice president and head – Business Process Services, Wipro Limited, said in a prepared statement. “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,” Shankar Iyer, founder and CEO of Viteos Group, said in a prepared statement.

The acquisition is expected to close March 31, 2016.