Print
Email
Print Edition Stories
MHT's Kyle Alspach: Young entrepreneurs & Osmopure's water filtration tech
MHT honors 22 Women to Watch
MHT's Kyle Alspach: Electronic medical records workers in demand
Westborough information technology services firm Virtusa Corp. acquired nearly all of the assets of ALaS Consulting LLC for $27.8 million in cash, and has made ALaS the capital markets services division of Virtusa.
According to a press release from Virtusa, ALaS was attractive because of its experience in investment banking and capital markets. Erik DiGiacomo, president of New York City-based ALaS, will lead the capital markets business line for Virtusa (Nasdaq: VRTU). The deal brings approximately 150 people with specialized expertise in the IT needs of investment banking and capital markets to Virtusa’s payroll.
As part of the purchase agreement, Virtusa will issue up to $4 million in shares of restricted stock from Virtusa’s stock option and incentive plan, not to exceed 250,000 shares, to the new Virtusa employees coming from ALaS. The shares will vest annually over a four year period, according to officials.
Founded in 1996, Virtusa provides consulting, technology implementation and application outsourcing services. It operates offices in the United States and the United Kingdom, and delivery centers in India and Sri Lanka. In August of 2007, the company went public, raising $61.6 million in its IPO. One year later, then-COO Danford Smith, also a member of the board of directors, resigned from the company.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
