Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for US $ 51.35 per share in an all-cash transaction valued at approximately US $2.0 billion.
Virtusa Corporation, founded in Sri Lanka 18 years ago and later became a successful multinational firm with a listing on the US NASDAQ, is a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience.
Virtusa Chairman and CEO Kris Canekeratne said, “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.”
“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, since BPEA has an exemplary track record of valuing innovative and talented global teams and supporting and empowering the businesses in which it invests. With a strong partner in BPEA, we will solidify our position at the forefront of digital transformation for years to come,” he added.