Westborough's Virtusa acquires Apparatus Inc.
Business consulting and technology outsourcing company Virtusa Corp. of Westborough has acquired all the outstanding shares of Apparatus Inc. for $34.2 million cash. The Indianapolis-based company provides end-to-end IT infrastructure services.
The acquisition strengthens Virtusa’s growing Infrastructure Management Services (IMS) practice with the addition of Apparatus’ Kore Managed IT Solutions platform, Virtusa said in Wednesday’s statement announcing the deal. Virtusa will deliver remote infrastructure management (RIM) services from Apparatus' RIM center.
“Apparatus brings superior infrastructure solutions that are complementary to Virtusa’s IT outsourcing capabilities,” Kris Canekeratne, chairman and CEO of Virtusa, said in the statement.
In addition to the outstanding shares of stock, Virtusa also acquired up to approximately $3.2 million in earn-out and contingent consideration based upon Apparatus’ full achievement of certain revenue and profit milestones for the fiscal year ending March 31, 2016. Virtusa has also agreed to issue an aggregate of up to $3.5 million in restricted stock awards from Virtusa’s stock option and incentive plan, not to exceed 93,333 shares, to certain Apparatus employees.
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