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Intertrust acquires Viteos for USD330m

Intertrust, a global provider of administrative services to corporate, fund, capital markets and private wealth clients, has acquired Viteos, a provider of technology solutions for hedge funds, private equity, real estate, private debt and other alternative asset managers, from PPC Enterprises, FiveW Capital and Viteos management.

Viteos has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the US supported by Centres of Excellence in India. Viteos delivered revenues of USD 52 million, 94 per cent in the US, having grown at an organic CAGR of 22 per cent over the last two years, and an EBITDA margin of 36.6 per cent.

Intertrust says the acquisition of Viteos is an acceleration of its strategy to become a specialist in tech-enabled corporate and fund solutions. The combined group will build on the existing technology partnership between the two companies and the professional relationships between the management teams to drive further growth and lead the digitalisation of the industry. Viteos’ client base and technology solutions, developed by a team of 130 technology experts, significantly expand the market potential for Intertrust into higher growth adjacencies with attractive cross-selling and upselling opportunities.

Stephanie Miller, CEO of Intertrust, says: “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.”
 
Shankar Iyer (pictured), CEO of Viteos, says: “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.”

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