Intertrust said the combined group will build on the existing technology partnership between the two companies and the professional relationships between the management teams to drive further growth.
Intertrust, a firm that provides administrative services to corporates, funds, capital markets and private wealth clients, announced on Tuesday that it has acquired technology solutions provider Viteos, from PPC Enterprises, FiveW Capital and Viteos management, for $330 million. Viteos provides end-to-end middle and back office administration for hedge funds, private equity, real estate, private debt and other alternative asset managers.
Intertrust provides administrative services to clients operating and investing in the international business environment.
The firm claims to have more than 2,500 employees across 41 offices and 29 jurisdictions in Europe, the Americas, Asia Pacific and West Asia. Intertrust said the combined group will build on the existing technology partnership between the two companies and the professional relationships between the management teams to drive further growth.
“Viteos brings new clients, services and technology solutions which expand Intertrust’s market potential into higher growth adjacencies with an annual market value of greater than euro3.5 billion, resulting in a total market potential in excess of euro 10 billion, growing at 4-6% per annum,” Intertrust said in a statement.
The acquisition was funded through debt and cash on balance sheet with $11 million re-invested by Viteos’ management and key employees in Intertrust shares. Intertrust pointed out that the synergies will primarily come from offshoring selected support functions for client-facing teams, back office and IT support, with India Centres of Excellence balancing existing jurisdictions and enabling 24-hour support for its clients.