Mid-market private equity fund Public Pension Capital (PPC) and FiveW Capital, together with Viteos Management, have agreed to acquire Viteos Fund Services, an integrated provider of specialized fund administration and services to alternative investment managers, the firms said in a joint statement on Tuesday.
Financial terms of the deal were not disclosed.
Founded in 2003 by Indian-born chief executive Shankar Iyer, Viteos is based in Somerset, New Jersey, with a delivery centre in Bengaluru and customer-centric hubs in the US. The firm’s clientele includes some of the world’s largest alternative asset managers.
The management team of Viteos will continue to lead the company.
“As part of our investment, we assembled a group of strategic co-investors including a series of principals of alternative asset managers and alternative allocators who understand Viteos’s value proposition and track record of stellar client service. This group intends to assist Viteos in sustaining its growth and bring its capabilities to more clients,” said Randall Winn, chief executive of FiveW Capital.
FiveW Capital is a private equity group and frequently invests in founder-led businesses that are data-, analytics- and technology-intensive, leveraging lessons learned in building Capital IQ to support growth.
“The backing of PPC and strategic investor FiveW Capital, their seasoned principals, investors and longstanding relationships, will complement our organic growth and launch us into the next chapter of Viteos’s story. We will have more resources to expand and develop our offerings for other investment managers,” said Iyer.
Viteos helps its clients process assets under management of around $220 billion, he said. The company employs around 500 people.
Credit Suisse acted as financial adviser on the transaction to Viteos.
Wipro Ltd agreed to buy Viteos group in December 2015 for around $130 million. However, the IT services provider called off the agreement due to inordinate delays in completion of closing conditions by both parties.
Source: Mint