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- Virtusa
Virtusa Acquisition, Valuation, Funding & Investors
Virtusa was acquired by BPEA EQT for $2B in September 2020, a 1.5x multiple on $1.3B of revenue.
Virtusa acquisition price
$2B
Acquired by BPEA EQT · Sep 2020
Virtusa revenue at acquisition
$1.3B
Last twelve months · Sep 2020
Virtusa revenue multiple at acquisition
1.5x
EV/Revenue · Sep 2020
Virtusa EBITDA multiple at acquisition
16.2x
EV/EBITDA · Sep 2020
About Virtusa
Virtusa is an American IT services company headquartered in Southborough, Massachusetts, providing digital engineering, IT consulting, business consulting and outsourcing to large enterprises. It builds and modernizes software, runs technology operations and supplies consulting teams for corporate clients, with a large banking and financial services practice strengthened by its purchase of Polaris. It earns fees for consulting, project and managed services, much of it delivered from large centres in Hyderabad, Chennai and Colombo. The company was founded in 1996 in Sri Lanka by Kris Canekeratne, who led it as chief executive for most of the period to 2021, and went public in 2007. It grew through acquisitions including a 53% stake in Indian banking software firm Polaris Consulting & Services in 2015, eTouch Systems in 2018, Poland's ITMAGINATION and Bulgaria's BRIGHT in 2024, and Salesforce partner Mav3rick in 2025. Baring Private Equity Asia took Virtusa private for about $2 billion in February 2021.
Founded
1996
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services
Revenue
$1.3B (Sep 2020)
Valuation
$2B (acquired Sep 2020)
Virtusa Acquisition
Virtusa was acquired by BPEA EQT for $2B on 10 September 2020.
The acquisition price implies a 1.5x revenue and 16.2x EBITDA multiple on $1.3B of revenue.
Before the acquisition Virtusa had raised $108M across 1 funding round.
Virtusa Corporation is a global provider of digital strategy, digital engineering, and IT services and solutions that help enterprises accelerate digital and cloud transformation initiatives. The company operates across multiple service lines including consulting and systems design, application engineering, analytics and data, digital process automation, enterprise application integration, cloud services, and managed services. Virtusa's board initiated a strategic review process on July 20, 2020, after receiving an unsolicited acquisition proposal. The board engaged with multiple strategic and financial parties, with seven companies expressing interest and five signing non-disclosure agreements. After a thorough evaluation of alternatives, including continued independent execution of its strategic plan, the board unanimously determined that the BPEA transaction represented the best value for shareholders. Baring Private Equity Asia agreed to acquire all outstanding shares of Virtusa for $51.35 per share in an all-cash transaction valued at approximately $2.0 billion. The deal represented a 27% premium over Virtusa's closing stock price on September 9, 2020. The acquisition was not subject to financing conditions and was expected to close in the first half of 2021, pending shareholder approval and regulatory requirements including CFIUS clearance. The transaction implied a valuation of 16.2x Firm Value relative to Virtusa's Last Twelve Months EBITDA as of June 30, 2020.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 10 Sep 2020 | PE buyout | $2B | 1.5x | 16.2x |
Virtusa Funding History
Virtusa has raised a total of $108M across 1 funding round.
Virtusa funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2017 | Strategic investment | The Orogen Group (lead) | $108M | The Orogen Group, the financial services investment company created in 2016 by former Citigroup chief executive Vikram Pandit and Atairos Group, agreed in May 2017 to invest $108 million in Virtusa Corporation. Under an investment agreement, Orogen purchased newly issued convertible preferred stock of the Nasdaq-listed IT services company, initially convertible into 3,000,000 shares of common stock, for an aggregate purchase price of $108 million. In connection with the investment Pandit, Orogen's chairman and chief executive, was appointed to Virtusa's board of directors. Virtusa said the partnership would let it draw on Orogen's industry experience and network in banking, financial services and insurance and in media as it executed its growth plan. Pandit said the financial services industry was being transformed by new technologies, data-driven solutions and new fintech entrants, and that Virtusa sat at the nexus of that change. Virtusa announced a stock repurchase programme alongside the investment. Virtusa, headquartered in Westborough, Massachusetts, is a global business consulting and IT outsourcing company serving large enterprises and software vendors, with a large delivery base in India and Sri Lanka and a strong position in banking and financial services clients. Orogen held the preferred stake until Virtusa was acquired by Baring Private Equity Asia in a transaction completed in February 2021, which ended its investment. |
Who has invested in Virtusa?
1 investor has backed Virtusa across its funding rounds, including The Orogen Group.
Lead investors include The Orogen Group.
Virtusa Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Virtusa investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Virtusa
Virtusa has acquired 11 companies to date.
Last acquisition by Virtusa was on December 16th 2025. Virtusa acquired Valentia Partners for undisclosed valuation.
Latest Acquisitions by Virtusa
| Description | Valentia Partners is a UK consultancy supporting senior financial services executives in strategic program planning and execution. | SmartSoC Solutions provides embedded systems, silicon engineering, analog design, DFT, ATMP, and IT services. | Dallas-based Sincera is a digital transformation consultancy delivering network engineering, data analytics, application development, and cloud migration services. Serving enterprises in telecommunications and finance, it deploys Cisco-certified solutions and AWS infrastructures for mid-sized organizations across North America. | Mav3rik Research is a Novi Sad, Serbia-based firm specializing in mobile and web application development. Operating since 2012, it builds iOS, Android, and React Native apps plus Progressive Web Apps for fintech and e-commerce clients in Europe. Projects include payment gateways integrated with Stripe and custom CMS backends deployed on AWS. | |
| HQ Country | |||||
| HQ City | - | - | - | Melbourne | |
| Deal Date | 16 Dec 2025 | 10 Dec 2025 | 22 Jul 2025 | 20 May 2025 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Virtusa acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Virtusa Competitors
Virtusa competitors include listed companies like Everforth, Alten and Atea, and private ones like MegazoneCloud, Douxun Technology and Baker Tilly.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.8B | - | ||
| Publicly listed | $4B | $344M | $1.4B | 0.4x | ||
| Publicly listed | $4.6B | $335M | $3.3B | 0.7x | ||
| Private | - | - | $415M | - | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $4B | $222M | $2B | 0.4x |
Virtusa Public Comps
Virtusa is no longer listed, but its public comps include Atea, Globant, Beijing Teamsun Tech, Kainos Group, Al Moammar Information, ArcSoft, Sinosoft, Tieto, Posco DX and Engineers India.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4B | $222M | 0.6x | 0.4x | 10.3x | 9.2x | |||
| $2.5B | $359M | 1.0x | 1.0x | 6.8x | 5.3x | |||
| $699M | $41M | 3.1x | - | 52.3x | - | |||
| $579M | $81M | 3.1x | 2.7x | 22.1x | 17.2x | |||
| $339M | $48M | 7.0x | 5.9x | 49.5x | 81.8x | |||
| $139M | $41M | 11.7x | 10.7x | 39.1x | 40.7x | |||
| $905M | $36M | 1.5x | 1.5x | 38.7x | - | |||
| $2.1B | $182M | 1.3x | 1.4x | 15.3x | 7.5x | |||
This data is available for Pro users. Sign up to see all Virtusa competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Virtusa
| When was Virtusa founded? | Virtusa was founded in 1996. |
| Where is Virtusa headquartered? | Virtusa is headquartered in Worcester, MA, United States. |
| Is Virtusa publicly listed? | No, Virtusa was acquired by BPEA EQT in September 2020. |
| Who acquired Virtusa? | Virtusa was acquired by BPEA EQT in September 2020. |
| How much was Virtusa acquired for? | Virtusa was acquired for $2B in September 2020, a 1.5x revenue multiple. |
| How much funding has Virtusa raised? | Virtusa has raised $108M across 1 funding round. |
| What was Virtusa's last funding round? | Virtusa's last funding round was a $108M strategic investment round in May 2017, led by The Orogen Group. |
| Who are Virtusa's investors? | Virtusa's investors include The Orogen Group. |
| Which companies are comparable to Virtusa? | Companies comparable to Virtusa include MegazoneCloud, Everforth, Alten, Douxun Technology, Baker Tilly and Atea. |
| How many companies has Virtusa acquired? | Virtusa has acquired 11 companies, including Valentia Partners, SmartSoC Solutions, Sincera, Mav3rik and ITMAGINATION. |
| What was the largest acquisition by Virtusa? | The $348M acquisition of Polaris Consulting & Services in November 2015 is the largest acquisition Virtusa has made to date. |
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