Public Pension Capital (“PPC”), 22C Capital (“22C”) and Viteos today jointly announced that Viteos has been acquired by Intertrust N.V (“Intertrust”). Intertrust is a leading global provider of expert administrative services to corporate, fund, capital markets and private wealth clients.
Viteos is a tech-enabled alternative funds industry leader providing end-to-end middle and back office administration for top tier hedge funds, private equity, real estate, private debt and other alternative asset managers. Viteos has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the U.S. supported by Centres of Excellence in India. “Viteos delivered revenues of USD 52 million, 94% in the U.S., having grown at an organic CAGR of 22% over the last two years, and an EBITDA margin of 36.6%.”
The acquisition of Viteos is an acceleration of Intertrust’s strategy to become a global leader in tech-enabled corporate and fund solutions, adding a high growth provider of leading-edge technology solutions with a top 10 position in U.S. fund administration and over 80 top tier clients.
The combined group will build on the existing technology partnership between the two companies and the professional relationships between the management teams to drive further growth and lead the digitalisation and innovation of the industry. Viteos’ world class client base and technology solutions, developed by a team of 130 technology experts, significantly expand the market potential for Intertrust into higher growth adjacencies with attractive cross-selling and up-selling opportunities.
Said Thomas Uger, Partner and Head of Business Services at PPC: “It has been a pleasure to partner with Shankar, Chitra and the entire Viteos organization. Viteos is a strong business with excellent technology and a great team, and the acquisition by Intertrust creates substantial future potential.”
Said Randall Winn, Managing Member at 22C: “It was gratifying to support the Viteos team as they scaled their market leading technology and service offering.”
Said Shankar Iyer, CEO, and Viteos: “Our continued success has been due in no small measure to the confidence and backing of Tom Uger, Randy Winn and Kashyap Shah. We are gratified that our relationship has been productive and profitable for us both and we are certain of their and our continued success moving forward.”
Jefferies LLC and Macquarie Capital (USA) Inc. acted as financial advisors, and Dechert LLP and Trilegal acted as legal advisors to Viteos, PPC and 22C.
Founded in 2003 and headquartered in Somerset, New Jersey, Viteos provides customized straight-through-processing and integrates post-trade operations across virtually every asset class, currency, border, or structure for the alternative investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services, middle- and back-office outsourcing services and licenses its platform to investment managers.
About PPC Enterprises
Public Pension Capital is a New York City-based private equity firm, founded by former senior partners of Kohlberg Kravis Roberts & Co. PPC invests in a select group of industries, including Business and Industrial Services, Financial Services, Healthcare and Specialty Chemicals. www.ppcenterprises.com
About 22C Capital
22C Capital is a principal investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential. For more information, go to www.22ccapital.com
Intertrust N.V. (Euronext: INTER) is a global leader in providing expert administrative services to clients operating and investing in the international business environment. Intertrust has more than 2,500 employees across 41 offices and 29 jurisdictions in Europe, the Americas, Asia Pacific and the Middle East. Intertrust has leading market positions in selected key financial markets, including the Netherlands, Luxembourg, Jersey and the Americas. Intertrust delivers high-quality, tailored corporate, fund, capital market and private wealth services to its clients, with a view to building long-term relationships. Intertrust works with global law firms and accountancy firms, multinational corporations, financial institutions, fund managers, high net worth individuals and family offices.
For more information, go to www.intertrustgroup.com