Baring Private Equity Asia and its affiliated funds announced that BPEA has successfully completed the acquisition and privatization of Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering.
In conjunction with the closing, Virtusa’s common stock will cease trading before the market opens on February 11, 2021 and the Company will no longer be listed on the NASDAQ stock exchange. Virtusa will operate as a privately-held company.
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Following the take private, Virtusa’s strategy will remain focused on building on its high performing technical talent base and investing in new digital capabilities to enable clients to drive their cloud and digital transformation agenda. Virtusa’s management team and its shareholders remain committed to delivering innovative, high-quality technology outcomes for its clients and maintaining the highest corporate governance standards.
Jimmy Mahtani, Managing Director of BPEA, said, “Tech enablement is driving the evolution and transformation of the global business environment at an unprecedented pace, creating new opportunities as well as complexities. Virtusa’s global team of talented professionals, deep domain expertise, and digital capabilities provide a unique ability to help enterprises accelerate their most important digital and cloud transformation initiatives. We are excited to partner with Virtusa in the next phase of its evolution.”
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Kris Canekeratne, Chairman and CEO of Virtusa, 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. We were impressed by BPEA’s experience helping technology services companies like Virtusa, especially its track record of supporting and empowering the businesses in which it invests. We’re excited to partner with BPEA to solidify our position at the forefront of digital transformation for years to come.”
J.P. Morgan Securities and Citi acted as financial advisors and Goodwin Procter LLP acted as legal counsel to Virtusa. BofA Securities served as financial advisor and Ropes & Gray LLP acted as legal counsel to BPEA.
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