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Laxman Pai, Opalesque Asia: Dutch fund administrator Intertrust Intertrust announced the acquisition of the provider of technology solutions for U.S. funds Viteos Fund Services from PPC Enterprises, FiveW Capital (an affiliate of 22C Capital) and Viteos management.
Viteos is a tech-enabled alternative funds industry leader providing end-to-end middle and back office administration for top tier hedge funds, private equity, real estate, private debt and other alternative asset managers.
Viteos has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the U.S. supported by Centres in India.
Viteos delivered revenues of $52m, 94% in the U.S., having grown at an organic CAGR of 22% over the last two years, and an EBITDA margin of 36.6%.
"The acquisition of Viteos is an acceleration of our strategy to of providing technology solutions with a top 10 position in U.S. fund administration and over 80 top tier clients," it said in a press release.
Viteos' co-founders, Shankar Iyer and Chitra Baskar (formerly CEO and COO, respectively), will join the Executive Committee and, along with other key employees, have reinvested approximately 35% of their after-tax proceeds in Intertrust shares.
"Viteos brings new clients, services and technology solutions which expand Intertrust's market potential into higher growth adjacencies with an annual market value of >EUR3.5bn, resulting in a total market potential in...................... To view our full article Click here
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