Wipro cancels acquisition of Viteos Group

Business process outsourcing (BPO) firm Wipro Limited has canceled its plan to acquire Viteos Group, a back office services provider based in New Jersey. According to reports, Wipro and Viteos have both decided to terminate the contract due to delays in the completion of closing conditions. Wipro said the completion of closing conditions exceeded the target date and expiration date. Wipro had agreed to acquire Viteos Group in December 2015 for a consideration of USD130m. Viteos Group provides business process as a service (BPaaS) to alternative investment management companies in the US, Europe and Asia. Wipro, headquartered in India, operates contact centers in the Philippines.