Virtusa Corp. (VRTU) acquired the financial-services consulting firm ALaS Consulting LLC for $27.8 million in cash, a move that adds capital markets and investment banking expertise to its services.
Virtusa, a provider of information-technology services, said ALaS adds about 150 practitioners, including former senior Wall Street professionals with significant industry experience. Virtusa has agreed to issue up to $4 million of restricted stock to these new Virtusa employees. The shares will vest annually over a four-year period.
Virtusa expects ALaS to contribute revenue of $24 million to $26 million and to increase per-share earnings by 1 cent to 5 cents for the year ending March 31.
The company will book about $375,000 of the estimated $450,000 in transaction expenses in the fiscal first quarter ended June 30. In May, Virtusa reported its fiscal fourth-quarter profit rose 46% as revenue jumped 22%.
Shares closed at $19.29 Friday and were inactive premarket.
Dow Jones
