Public Pension Capital and FiveW Capital have sold their alternative asset manager-focused FinTech company Viteos to trade-buyer Intertrust for $330m.
Viteos provides tech-based middle and back office administration for private equity, real estate, private debt and other alternative asset managers.
The business generated revenues of $52m for the full year to the end of March, the company said in a official statement.
PPC and 22C Capital affiliate FiveW Capital bought the business in 2017.
Company co-founders Shankar Iyer and Chitra Baskar as well as other key employees have reinvested around 35 per cent of their post-tax proceeds into the business.
The combined group will expand Intertrust’s presence in the US, as well as increase its exposure to funds and leverage Viteos’ digitalisation and automation technology.
Viteos CEO Shankar Iyer said, “This is a very exciting opportunity for Viteos to become an integral part of a successful, global business. We have longstanding relationships with the Intertrust team who are familiar with our industry-leading technology solutions.
“By bringing together our complementary strengths and capabilities, we will significantly enhance the future prospects for the combined group.”
In April last year PPC raised $786m for its debut fund, according to documents submitted to the SEC at the time.
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