Intertrust has acquired Viteos to allow better strategic access to the US market, leveraging of digitalisation and automation technology as well as development of Viteos’ centres of excellence in offshore markets.
According to Intertrust, the collaboration will allow both companies to develop both their existing technology and professional partnerships to achieve an “accelerated growth potential”.
The return on invested capital of the acquisition is expected to surpass Intertrust’s weighted average cost of capital by 2021.
Following the transaction, Intertrust is set to improve its medium-term guidance, including underlying revenue growth, earnings before interest, tax, depreciation and amortisation margin and tax rate.
Shankar Iyer and Chitra Baskar, Viteos’ co-founders, will join Intertrust’s executive committee.
Stephanie Miller, CEO of Intertrust, commented: “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 US 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.”
Iyer said: “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 Miller and her team and are deeply committed to delivering on our shared strategic objectives.”
