Wipro To Acquire BPaaS Service Provider Viteos Group

By siliconindia | Wednesday, 23 December 2015, 06:30 Hrs

BENGALURU: Wipro all set for their next acquisition.

The third largest Indian exporter has agreed to buy Viteos Group, a U.S. based back office outsourcing firm. This continues Wipro’s strategic measure of ‘string of pearls’ acquisition where the company buyouts several small companies.

The deal will be completed by March31,2016, confirmed Wipro.

Headquartered in Somerset and New Jersey, Viteos is a 2003 establishment that has major market access across the U.S., Europe and Asia. Presently, the company has more than 400 employees on roll.

Wipro expects to develop in crucial banking and financial services industry, after this acquisition. Major players of the same industry include Tata Consultancy Services, Cognizant Technology Solutions and Infosys.

Shaji Farooq, President & Chief Executive of Finance Solutions at Wipro said, "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.”

Over the past five years, Wipro has made at least a dozen buyouts, and the organization list includes Australia-based Promax Applications Group, U.S.-based mortgage consulting firm Opus Capital Markets Consultants LLC and more.

The last acquisition prior to this by Wipro, was buying out Denmark-based Designit for 85 million euros.

Wipro Chairman Azim Premji confirmed the company’s financial capacity to pursue more acquisitions, in the annual shareholder meeting earlier this year.

Wipro rival Infosys is also active in the acquisition business. To name few of its buyouts under chief executive Vishal Sikka's watch were Israel-based Panaya for $200 million(February), U.S.-based e-commerce services provider Skava for $120 million(April) and an oil and gas consult in October.