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Virtusa announces buy of advisory firm ALaS Consulting.


US business consulting and outsourcing services firm Virtusa Corp (NASDAQ:VRTU) on Tuesday said it had taken over ALaS Consulting LLC, a domestic provider of consulting and advisory services to financial services segment, for USD27.8m (EUR19.2m) in cash.

With this acquisition, Virtusa will increase its presence in the banking and financial services sectors, as well as add capital markets and investment banking to its expertise, the buyer said in a press release.

As part of the deal, all ALaS exployees will join Virtusa and will receive up to 4m of Virtusa restricted shares from its stock option and incentive plan, the company added.

ALaS is expected to provide revenues of between USD24m and USD26m for the fiscal year to 31 March 2012. The transaction is seen to add USD0.01 to USD0.05 to Virtusaa[euro](tm)s earnings per share in fiscal 2012, the buyer said.Country: , USASector: Banking/Financial Services, Business and Consumer ServicesTarget: ALaS Consulting LLCBuyer: Virtusa CorporationDeal size in USD: 27.8m Type: Corporate acquisitionFinancing: CashStatus: Closed

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Publication:M & A Navigator
Date:Jul 5, 2011
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