Virtusa set to acquire Polaris
US-based Virtusa agreed to acquire 53 per cent stake in Chennai-based Polaris Consulting and Services for about Rs1,173 crore.
US-based Virtusa agreed to acquire 53 per cent stake in Chennai-based Polaris Consulting and Services for about Rs1,173 crore. Virtusa will acquire the shares from some promoter entities, led by Jain, and certain other shareholders, including OrbiTech.
The combination will equip Virtusa to provide end-to-end global banking and financial services and solutions and pursue larger consulting and outsourcing opportunities. The transaction is expected to close during the fourth fiscal quarter ending March 31, 2016. Virtusa will purchase shares at a price of about Rs 220.73 a piece.
“I am delighted to have identified Kris Canekeratne and his team at Virtusa to pass on the baton to grow Polaris by offering greater value to customers and more opportunities for the team,” Polaris chairman Arun Jain said.