Intertrust N.V. (Euronext: INTER), an Amsterdam, the Netherlands – based provider of expert administrative services to corporate, fund, capital markets and private wealth clients, acquired Viteos, a provider of technology solutions for U.S. funds, for USD $330m.
PPC Enterprises LLC, FiveW Capital LLC (an affiliate of 22C Capital) and Viteos management were the sellers in the deal.
The acquisition, funded through debt (new USD $150 million term loan plus RCF) and cash on balance sheet with USD $11 million re-invested by Viteos’ management and key employees in Intertrust shares, represents an acceleration of Intertrust’s strategy to become a global leader in tech-enabled corporate and fund solutions, adding a provider of technology solutions with a top 10 position in U.S. fund administration and over 80 top tier clients.
Led by Shankar Iyer, CEO, Viteos provides end-to-end middle and back office administration for top tier hedge funds, private equity, real estate, private debt and other alternative asset managers. The company has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the U.S. supported by offices in India. Viteos delivered revenues of USD$52m, 94% in the U.S.
Now, Viteos’ co-founders, Shankar Iyer and Chitra Baskar (formerly CEO and COO, respectively), will join Intertrust’s Executive Committee and, along with other key employees, have reinvested approximately 35% of their after-tax proceeds in Intertrust shares.
Led by Stephanie Miller, CEO, Intertrust is a global leader in providing expert administrative services to clients operating and investing in the international business environment. With more than 2,500 employees across 41 offices and 29 jurisdictions in Europe, the Americas, Asia Pacific and the Middle East, the firm has leading market positions in selected key financial markets, including the Netherlands, Luxembourg, Jersey and the Americas.
Intertrust delivers tailored corporate, fund, capital market and private wealth services to its clients, working with global law firms and accountancy firms, multinational corporations, financial institutions, fund managers, high net worth individuals and family offices.