Viteos, which had revenues of $52 million (94% in the U.S.) has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the U.S. supported by Centres of Excellence in India.
The acquisition will help accelerate Intertrust’s goal of becoming a global leader in tech-enabled corporate and fund solutions.
Commenting on the announcement, Intertrust CEO Stephanie Miller said:
“Today I am thrilled to announce the acquisition of Viteos. This is a significant leap forward for Intertrust which will accelerate our strategy in every way.
The combination of these world-class businesses enhances our global position in fund services, expands our presence in the U.S. and unlocks many opportunities to cross sell our products and services. It will provide tremendous benefits to our existing clients through advanced technology, a digitised delivery model and a solution-oriented service suite. With the addition of over 700 employees including 130 technology experts, I am particularly excited for the future innovations that our combined organisation will bring to the industry.
These benefits are reflected in the strong value creation from the transaction in the form of double-digit ROIC, double-digit EPS accretion as well as increased growth and margin guidance.
Furthermore, we welcome a Viteos team who is dynamic, engaged and will further our goal of becoming the employer of choice in our industry. Earlier this year Intertrust started a powerful collaboration with Viteos. Today we move forward together as one company to lead the digitalisation and innovation of our industry.”
Viteos’ co-founders, Shankar Iyer and Chitra Baskar (formerly CEO and COO, respectiely), will join Intertrust’s executive committee, it said.
“This is a very exciting opportunity for Viteos to become an integral part of a successful, global business. We have longstanding relationships with the Intertrust team who are familiar with our industry-leading technology solutions. By bringing together our complementary strengths and capabilities, we will significantly enhance the future prospects for the combined group. We look forward to working with Stephanie and her team and are deeply committed to delivering on our shared strategic objectives,” Iyer said.
Jefferies LLC and Macquarie Capital Inc. acted as financial advisors and Dechert LLP and Trilegal acted as legal advisors to Viteos, Public Pension Capital, 22C Capital. Deutsche Bank acted as financial adviser and Simpson Thacher & Bartlett LLP acted as legal counsel to Intertrust.