Wipro uses its financial muscle to penetrate in financial sector, buy Viteos Group for $130 mn

Wipro knows how to utilise its money and where to invest. In a bid to cement its position in the banking and financial sector, the software exporter acquired US-based back-office outsourcing firm Viteos Group for $130 million.

The acquisition comes after Wipro bought Denmark-based Designit for 85 million euros.

With Viteos’ acquisition, Wipro will be able to penetrate in banking and financial sector and at least stand equal to Tata Consultancy Services, Cognizant Technology Solutions and Infosys.

Headquartered in Somerset, Viteos, which was founded in 2003, is present in the US, Europe and Asia.

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

Recently, Wipro's Azim Premji had said that the company had enough financial muscle to pursue more acquisitions.