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09 November, 2015 08:56 AM Source: Financial Times - Sri Lanka
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Virtusa, a global business consulting and IT outsourcing company with roots in Sri Lanka, is growing to enhance its prospects in the financial services industry with the acquisition of India-based Polaris in a $ 270-million deal (around Rs. 38 billion).
The US Nasdaq-listed Virtusa announced on Friday in Colombo that it had entered into a definitive agreement to buy majority stake (a maximum of 78%) in Polaris Consulting and Services, which is listed on the Bombay Stock Exchange. Polaris too is a global provider of IT solutions primarily to the banking and financial services industry segment.
The transaction consideration includes both the 51.7% majority interest and an unconditional mandatory open offer to purchase up to 26% of the outstanding shares of Polaris from the public.
 “We will go for the market as one autonomous entity and we go for the banking and financial services industry as Virtusa-Polaris. From a structural perspective, we will continue to run two public listed companies; Virusa in the US and Polaris in India. Virtusa Corp will have a majority interest and control over Polaris,” Virtsua’s co-founder and Chairman/CEO Kris Canekeratne told the media briefing on Friday in Colombo.
As of 30 September 2015, Chennai-based Polaris had approximately 7,650 employees serving its global client base through 12 development centres. For the six months ended 30 September 2015, Polaris generated total pro forma revenue of approximately $ 150 million. Polaris had cash, cash equivalents, and short-term and long-term investments of approximately $ 44.8 million as of 30 September 2015.
Collectively, Virtusa and Polaris will have 18,000 employees, generating $ 826 million in revenue for the 12 months ended 30 September 2015.
The acquisition will combine Virtusa’s deep domain expertise in consumer and retail banking with Polaris’ proven strength in corporate and investment banking. This combination will provide an end-to-end portfolio of differentiated solutions to the global banking and financial services industry segment, improving the combined entity’s competitive position and expanding its addressable market. 

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