Saturday, December 26, 2015

Wipro Acquires BPaaS Provider Viteos Group

Wipro, a leading global IT consulting, BPO and system integration services company, has acquired Viteos Group, a BPaaS (Business Process-as-a-Service) provider for the Alternative Investment Management Industry, for $130 million. Bangalore-based Wipro is a leading provider of Business Process Services (BPS) to some of the global investment banks.

Founded in 2003 and based in Somerset, New Jersey, 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. Viteos is a market leader in shadow-accounting services, middle- and back-office outsourcing services. 

Shaji Farooq, President and Chief Executive of Finance Solutions, Wipro Limited, said in a statement: "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.” 

Shankar Iyer, Founder and CEO of Viteos Group, said in a statement: “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.” 

Headquartered in Bangalore, India, Wipro Ltd. is an Indian multinational IT consulting, system integration, and business process services company that delivers solutions to enable its clients do business better. Wipro is one of India’s largest publicly traded companies and also the seventh largest IT services in the world. 

Image credit: The News Minute

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