US-based Virtusa to buy 53% stake in Polaris for Rs 1,173 crore

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Virtusa on Friday agreed to buy 53% stake in Indian IT company Polaris Consulting and Services for about Rs 1,173 crore, a move that will help the US-based firm garner a bigger chunk of the global banking and finance (BFS) industry.

Virtusa would spend another Rs 587.7 crore ($ 90 million) to acquire an additional 26% stake in the BSE-listed firm, in compliance with SEBI’s mandatory open offer norms.

For the Massachusetts-headquartered Virtusa, the acquisition will give access to new clients and a pool of about 18,000 employees, providing it more muscle to pursue larger consulting and outsourcing opportunities.

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