Today, Virtusa announces definitive agreement to acquire a majority interest in Polaris Consulting & Services, Ltd.
Virtusa and Polaris collectively will have approximately 18,000 employees, generating $826 million of pro forma revenue for the twelve months ended September 30, 2015.
Upon the closing of the Polaris transaction, the combination of Virtusa and Polaris would create a leading global provider of IT services and solutions to the banking and financial services industry segment. The acquisition would combine Virtusa’s deep domain expertise in consumer and retail banking with Polaris’ proven strength in corporate and investment banking. This combination would provide an end-to-end portfolio of differentiated solutions to the global banking and financial services industry segment, improving the combined entity’s competitive position, and expanding its addressable market.
Virtusa expects to realize over $100 million of cumulative revenue synergies over the next three fiscal years from the business combination.