Viteos
Viteos Fund Services (“Viteos”) is a provider of middle- and back-office solutions and fund administration services to alternative asset managers.
By the Numbers
Investment Date
March 2017
Sector
Business and Financial Services
Headquarters
Somerset, NJ
Transaction Type
Leveraged Buyout
Status
Exited Portfolio (June 2019)
Sold To
Intertrust N.V. (ENXTAM: INTER)
Transaction in Action
PPC Equity Partners developed a thesis around increased outsourcing of core operations within the alternative asset industry. Viteos was well-positioned in this growing and underpenetrated market as alternative asset managers adjusted to increasing internal cost pressures, evolving regulatory frameworks and greater complexity of strategies.
The PPC team had developed a historical relationship with the Viteos CEO. Prior to the investment, PPC rationalized Viteos’ complex organizational and regulatory structure. PPC sold Viteos to a strategic buyer, Intertrust N.V., in June 2019.
"Our continued success has been due in no small measure to the confidence and backing of the PPC investment team. The PPC team provided us a sounding board, introductions that have been invaluable in supporting our growth plans along with many strategic add-on opportunities."
Value Creation
The PPC team leveraged its industry network to make introductions to new customer relationships and increase penetration within the PE, credit, and real estate markets. Annual Recurring Revenue grew >50% during PPC’s holding period. The PPC team supported investments in technology, expansion into a third delivery location in Chennai, India and evaluating in excess of 25 strategic add-on opportunities. Further, a PPC team member undertook an interim CFO / operating role by supporting the business during the sale process.