Mon, Jun. 27, 3:00 PM
Nov. 5, 2015, 3:37 PM
- Virtusa (NASDAQ:VRTU) is buying a majority stake in Polaris Consulting & Services, an Indian IT services provider, for $270M. The deal features a 51.7% stake and a mandatory open offer to buy up to 26% of Polaris' outstanding shares from public shareholders.
- Polaris has 7,650 employees, and produced pro forma revenue of $150M over the six months ending Sep. 30. The deal is expected to close in Virtusa's March quarter, and be financed with both cash and debt. $300M worth of financing commitments have been lined up.
- Polaris is expected to contribute ~$70M in revenue during the March quarter, and be dilutive by $0.08 to non-GAAP EPS (factors $0.07 in dilution from debt interest). The purchase is expected to be slightly dilutive to FY17 (ends March '17) EPS.
- Shares have more than given back the Wednesday gains seen following Virtusa's Q3 beat.
Mar. 12, 2015, 3:13 PM
- Major tech gainers are about even with major decliners on a day the Nasdaq is up 0.8% (thanks to a broader market rally) in spite of Intel's Q1 warning.
- Notable gainers include 3D printer maker Voxeljet (VJET +5.9%), cloud ERP/HR software provider NetSuite (N +3.7%), flash sales site Zulily (ZU +7.5%), stock photo marketplace Shutterstock (SSTK +6.5%), cloud telecom expense software vendor Tangoe (TNGO +5.6%), It services provider Virtusa (VRTU +4.7%), online video ad platform TubeMogul (TUBE +4%), and online ad campaign software provider Marin (MRIN +4.2%).
- Notable decliners include several Chinese firms. Specifically, search/portal/game provider Sohu (SOHU -5.3%), entertainment/IM/gaming platform YY (YY -4.2%), mobile game publisher Sky-mobi (MOBI -5.8%), and sports lottery site 500.com (WBAI -5.6%).
- Other big decliners include printer maker Lexmark (LXK -2.6%), chip packaging/testing provider ChipMOS (IMOS -4.7%), and smart grid/wind turbine component maker AMSC (AMSC -6.3%).
- Zulily is just a day removed from making fresh lows the wake of last month's Q4 miss and soft guidance. BMO provided an upbeat note on TubeMogul yesterday.
- YY has now more than given back the gains it saw last week following its Q4 beat. ChipMOS posts Q4 results after the close, and is two days removed from reporting its February sales rose 10.5% Y/Y, a slower pace than in recent months (thanks in part to the timing of the Chinese New Year). 500.com recently crashed due to license suspensions, but had bounced from its lows. Lexmark drop comes shortly after HP refreshed its printer lineup.
- Previously covered: Box, Rosetta Stone, CyberArk, Integrated Silicon, Universal Display, Spherix, Synchronoss, Ingram Micro
May 10, 2012, 12:53 PM
May 9, 2012, 5:24 PMVirtusa (VRTU): Q1 EPS of $0.23 in-line. Revenue of $74.2M (+27% Y/Y) beats by $2M. (PR) | May 9, 2012, 5:24 PM
Virtusa Corp. provides IT consulting, technology and outsourcing services. It provides services to enterprise software companies in the financial services, communications, retail and high technology industries. Virtusa also offers technology implementation services comprising application... More
Industry: Information Technology Services
Country: United States
Other News & PR