Underwriters exercise option on Virtusa stock
PHOTO/Matt VOLPINI
Kris Canekeratne, Chairman & CEO, Virtusa Corp., Westborough
Underwriters of Westborough-based Virtusa Corp. have exercised their option to purchase an additional 345,000 shares of company stock.
Therefore, Virtusa is expected to close today on the sale of 2.645 million shares of stock. The company announced last week that each share would be sold for $34.50.
The expected $86.2 million stock buy will be used to finance Virtusa’s Jan. 2 purchase of Swedish-based TradeTech Consulting Scandinavia AB for $20 million. Remaining proceeds are slated to be used to finance other possible acquisitions and expansions, the company said.
The TradeTech acquisition is expected to bolster Virtusa’s presence in the Nordic market and allow the company to offer better asset management, treasury services and technology support to all its clients. TradeTech’s 60 employees will join Virtusa, the company said.
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