Baring Private Equity Asia (BPEA), one of the largest and most established private alternative investment firms in Asia, announced that it has completed the acquisition and privatisation of Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions.
In conjunction with the closing, Virtusa’s common stock ceased trading before the market opened 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.
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.
“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,” Jimmy Mahtani, managing director of BPEA, said.
Virtusa helps its clients accelerate their digital and overall business transformation by providing multi-disciplinary agile teams of consultants, designers, engineers, and sophisticated gamified tools.
The company integrates its domain and digital engineering expertise with proven assets and processes embedded in its unique Digital Transformation Studio model, resulting in a high-performance end to end delivery.
Its core services include consulting and system design, application engineering, analytics and data, digital process automation, enterprise application integration, cloud services, and managed services.
“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,” said Virtusa chairman and CEO Kris Canekeratne. – BusinessNews.ph