Wipro to spend USD 130 million for US-based Viteos Group

New Delhi, Dec 23 (ANI): Wipro, India’s third largest software exporter is set to acquire US-based back-office outsourcing firm Viteos Group for USD 130 million.

The acquisition is likely to take place in the quarter ending March 31, 2016.

Wipro is betting that the Viteos acquisition will help them make further inroads in crucial banking and financial services industry, a sector where it has traditionally lagged larger peers such as Tata Consultancy Services, US-based Cognizant Technology Solutions and Infosys.

Over the past few years, Wipro has made at least a dozen buyouts, including the likes of Australia-based Promax Applications Group and US-based mortgage consulting firm Opus Capital Markets Consultants LLC.

During Wipro’s annual shareholder meeting earlier this year, billionaire chairman Azim Premji had said that the company had enough financial muscle to pursue more acquisitions.

The acquisition comes a few months after Wipro bought Denmark-based Designit for 85 million euros and also at a time when Wipro is undertaking a large-scale organizational overhaul in the lead-up to a possible CEO succession next year after current chief executive TK Kurien’s term ends in February. (ANI)

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