IT major Wipro on Wednesday announced that it has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry for $130 million.
The company said in a release that the acquisition will expand Wipro’s capital markets portfolio in fund accounting services and enhance company’s Business Process Services capabilities.
Viteos’ proprietary platform, which offer transformation and integration of psot-trade operations can be leveraged to launch solutions across oter segments of Capital markets. These technology-based solutions will bring in non-linear and higher revenue realisation.
Viteos Group was founded in 2003 and has presence in US, India, Europe, Cayman islands and Singapore.
The acquisition is subject to customary closing conditions and regulatory approvals and will be completed in the quarter ending March 31, 2016.
Wipro’s senior vice-president and head-business process services Nagendra Bandaru said, “We are excited to join hands with Viteos and expand our Capital markets portflit in fund accounting services and enhance our business process capabilities.”
Shares of Wipro were trading 0.22 per cent up at Rs 556.85 in early trade.