Virtusa acquires ALaS assests

 | July 07,2011 11:31 am IST

Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers a broad spectrum of business consulting and outsourcing services, announced that on July 1, 2011, Virtusa acquired substantially all of the assets of ALaS Consulting LLC (“ALaS”), a leading provider of consulting and advisory services to financial services companies.

 

The acquisition expands Virtusa’s leading position within the banking and financial services industries (BFS) by adding capital markets and investment banking domain expertise, consulting and program management skills.

ALaS provides Virtusa with approximately 150 practitioners, including former senior Wall Street professionals with significant industry experience, driving critical initiatives in areas such as regulatory compliance; trading desk operations improvement and controls; software package selection, program management and functional testing; and increasing automation to reduce costs.

 

ALaS currently works with leading global financial institutions and maintains relationships with key decision makers within these organizations. Virtusa will provide the combined client base an integrated offering, including deep domain knowledge, consulting-led solutions, technology implementation and industry leading global delivery execution. Virtusa will target this integrated offering to simplify complexities and accelerate business outcomes for banking and financial services institutions.

 

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We are pleased to welcome the ALaS team to Virtusa. Erik DiGiacomo, President of ALaS, will lead our new capital markets line of business. This acquisition will further enable Virtusa to identify and execute transformational programs, take on the downstream technology implementation and strengthen Virtusa’s strategic position across its BFSI client base.”

 

Samir Dhir, Senior Vice President /Global Delivery Head and Head of India Operations, Virtusa Corporation, said “Bringing ALaS into the Virtusa fold is very exciting for us from an India perspective.

 

India has been a growing market for BFS consulting and IT services. With the acquisition of ALaS, we will be able to combine deep industry expertise in investment banking/capital markets with robust technology implementation capabilities to offer strong, end-to-end solutions to India-based BFS organizations. We will also be able to leverage ALaS’ strong domain expertise to train and develop an extended pool of offshore business analysts who can then support delivery of capital markets solutions, both at client sites and in the Indian market.”

 

Concluded.

 

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