Wipro, India’s third largest IT services provider, on Wednesday said that it has signed a definite agreement to acquire New Jersey-based back office services provider Viteos Group for a consideration of $130 million (around Rs 860 crore). This make’s the Bengaluru-headquartered company’s second acquisition in this month and third one in 2015. Earlier this month, Wipro had agreed to acquire cellent AG, a German IT and consulting services provider for $77 million (around Rs 517 crore). Founded in 2003, Somerset-headquartered Viteos Group provides business process as a service (BPaaS) to alternative investment management companies in the US, Europe and Asia. The company which employs over 400 associates, reported $26.5 million in revenues in FY2014-15. This makes the deal valuation close to five times of its FY15 sales, which is seen in the higher side.
Source : http://www.business-standard.com/article/companies/wipro-to-acquire-viteos-group-for-rs-860-crore-115122300684_1.html