Wipro to Acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry
Bangalore, India and Somerset, New Jersey, USA - December 23, 2015: 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 Utilitybased 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 offer 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 ourpresence 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.