Wipro to acquire Viteos Group for USD130m

Wipro Ltd, an Indian IT consulting and outsourcing company, has agreed to acquire Viteos Group, a US-based back-office outsourcing firm, for USD130m, the India Times has reported. The acquisition, which is expected to be completed in Q2 2016, will help Wipro make further inroads in the crucial banking and financial services industry. The deal also allows Wipro, which operates a number of BPO centers in the Philippines, the chance to compete with larger peers such as Tata Consultancy Services, Cognizant Technology Solutions, and Infosys. Wipro president and Chief Executive of Finance, Shaji Farooq, said the company’s strategy is to invest in industry vertical platforms that will provide platform-based services to Wipro’s clients.