Ropes & Gray advised Hong Kong-founded Baring Private Equity Asia in its acquisition of Virtusa Corporation, a cloud engineering and information technology company, in a deal valued at around $2 billion, the law firm said.
Goodwin Procter advised Virtusa on the deal, which is expected to close in 2021’s first half, according to a statement.
According to Virtusa’s web site, it was founded in 1996 in Sri Lanka and now has its corporate headquarters in Southborough, Massachusetts, with offices in the Americas, Asia-Pacific, and the Europe, Middle East and Africa region.
The company says it has clients in sectors including banking and financial, health care, and media & entertainment, as well as partnerships with Adobe Inc., Amazon Web Services, Google Cloud, and Microsoft Corp., and Salesforce.com Inc, and other tech players.
“This transaction represents a strategic evolution for Virtusa and a unique opportunity to take our business to new heights at a time of accelerating digital adoption,” said CEO and chairman Kris Canekeratne.
Virtusa in June faced criticism from a major investor which criticized the company’s governance and performance, calling for new board members.
BPEA is one of Asia’s largest independent private equity firms, with around $20 billion of assets under management, the company said.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story:
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.