March 30, 2016 5:50 pm | Updated 3 years ago.
On 3 March 2016, Virtusa Corporation has completed acquisition of majority stake in Polaris Consulting Services and now holds 51.7% of the shareholding. Virtusa has invested $165.89 million (Rs. 1134 crores) to take up majority stake.
Virtusa has considerable strengths in retail banking which now complements with the deep experience of Polaris in the investment banking IT solutions domain.
Citigroup Technology Group Inc (Citi) has designated Virtusa and Polaris as preferred vendors for IT services.
Jitin Goyal would continue as CEO and lead Virtusa’s and Polaris’ business operations serving the banking and financial services verticals. Raj Rajgopal, has been appointed President, ETS, and will lead Virtusa’s and Polaris’ operations serving the insurance, communications & technology, and media, information & other verticals.
The revenue target over the next three fiscals is $100 million.
Date of Publication: 03/03/2016