Dutch trust operator Intertrust has acquired Viteos, a technology solutions provider for US funds, for $330m.
The sellers were PPC Enterprises, FiveW Capital and Viteos management, who bought Viteos in 2017.
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Established in 2003, Viteos services hedge funds, private equity, real estate, private debt and other alternative asset managers.
Its staff headcount is around 715.
The firm generated $52m in revenue for the year ended 31 March 2019.
Intertrust CEO Stephanie Miller said: “The combination of these world-class businesses enhances our global position in fund services, expands our presence in the U.S. and unlocks many opportunities to cross sell our products and services.
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By GlobalData“It will provide tremendous benefits to our existing clients through advanced technology, a digitised delivery model and a solution-oriented service suite.
“With the addition of over 700 employees including 130 technology experts, I am particularly excited for the future innovations that our combined organisation will bring to the industry.”
Intertrust expects the acquisition to offer mid-single digit EPS accretion by next year and double-digit accretion by 2021.
Deutsche Bank acted as financial adviser to Intertrust and Simpson Thacher & Bartlett LLP acted as legal counsel.
As part of the deal, Viteos co-founders Shankar Iyer and Chitra Baskar have gained seats on the Intertrust executive committee.
The pair and other key Viteos staff have reinvested around 35% of their proceeds in Intertrust shares.
