March 30, 2016 2:33 pm | Updated 5 years ago.
Virtusa Corp, a US-based technology outsourcing company is all set to acquire a 53% stake in mid-tier Indian IT firm Polaris. The Rs1, 173 crore deal has also received the go-ahead from CCI. Virtusa administers IT consultancy services along with technology implementation and application outsourcing services. They also deal in banking, finance and insurance.
This acquisition envisages that more outsourcing opportunities will be created. It is also anticipated that Virtusa will provide end-to-end global banking and financial services will go after bigger consulting and outsourcing opportunities.
Virtusa is also likely to offer about 26% of its shares to the company’s public shareholders for $90 million. Reports suggest that after the acquisition Citigroup Technology will nominate Virtusa and Polaris as their chosen vendor to provide IT services to Citi across all its enterprises. Polaris is a well-known global IT company providing services related to IT consulting and financial technology for banking.