July 5, 2011
Virtusa Acquires Financial Services Firm
Westborough-based IT services company Virtusa Corp. has acquired Alas Consulting LLC, a New York City-based firm that specializes in financial services.
Virtusa acquired substantially all of Alas' assets for an aggregate cash consideration of $27.8 million. Virtusa said in a statement that it will hold back $2.7 million for one year as security under an asset purchase agreement. Virtusa expects Alas to contribute between $24 million and $26 million in revenue for the fiscal year that ends March 31, 2012.
The deal provides Virtusa with approximately 150 new employees with experience in regulatory compliance, trading desk operations, software and testing. The company will issue up to $4 million in restricted stock to the new employees.
WBJ Web Partners
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