Intertrust buys US-based Viteos for $330m

Dutch business administration company Intertrust has bought US-based technology solutions group Viteos for $330m.

Intertrust said the acquisition, from PPC Enterprises, FiveW Capital and Viteos management,is an acceleration of its strategy to become "a global leader" in tech-enabled corporate and fund solutions.

It adds "a high growth provider of leading-edge technology solutions with a top 10 position in US fund administration and over 80 top tier clients," the company said.

Intertrust chief executive officer Stephanie Miller said: "The combination of these world-class businesses enhances our global position in fund services, expands our presence in the US and unlocks many opportunities to cross sell our products and services. 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. These benefits are reflected in the strong value creation from the transaction in the form of double-digit return on invested capital, double-digit earnings per share accretion as well as increased growth and margin guidance."

Following the acquisition, Intertrust upped its medium-term guidance. It now expects 4% to 6% underlying revenue growth year-on-year, versus previous guidance of 3% to 5%. The group also expects an adjusted earnings before interest and amortisation margin of at least 40% for 2021, up from 38%.