Header Ad

Virtusa to be bought by Baring Private Equity Asia for US$2.0bn

ECONOMYNEXT – Baring Private Equity Asia (BEPA) is to buy Virtusa, a technology company which has a development centre in Sri Lanka in a transaction valued at 2.0 billion US dollars.

“This transaction represents a strategic evolution for Virtusa and a unique opportunity to take our business to new heights at a time of accelerating digital adoption,” Kris Canekeratne, Chairman and CEO of Virtusa, said in a statement.

“The benefits of this transaction extend to all Virtusa stakeholders, including our shareholders, who will receive immediate and substantial cash value, as well as to our team members…

“With a strong partner in BPEA, we will solidify our position at the forefront of digital transformation for years to come.”

BEPA will pay 51.35 dollars per share, which the statement said was a 27 percent premium to the last traded price on September 09.

, “Technology is continuing to drive marketplace evolution at an unprecedented pace, creating new opportunities as well as complexities,” Jimmy Mahtani, Managing Director of BPEA, said.

“Virtusa’s global team of talented professionals, software engineering heritage, and deep domain expertise position it uniquely to help enterprises across industries accelerate their most strategic digital and cloud transformation initiatives.

Virtusa Corporation (NASDAQ GS: VRTU) is technology firm servicing global firms in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries. (Colombo/Sept10/2020)