Virtusa adds capital market services with acquisition of ALaS

IT consulting firm Virtusa has announced that it has acquired all of the assets f ALaS Consulting LLC as the Massachusetts-based company looks to now offer capital markets and investment banking services.

Virtusa chair Kris Canekeratne said the acquisition will enhance the company's banking domain expertise, as well as its consulting and program management skills.

"We are pleased to welcome the ALaS team to Virtusa. Erik DiGiacomo, President of ALaS, will lead our new capital markets line of business," Canekeratne added. "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."

Under the agreement, ALaS will provide Virtusa with approximately 150 consultants, including former financial professionals from Wall Street with a variety of industry experience. The company said the addition will help drive critical initiatives in the areas of regulatory compliance, trading operations, software package selection and program management.

Virtusa's clients include Oracle, Cognos and SAP.

The terms of the purchase mandate that Virtusa acquire a substantial amount of ALaS assets for cash consideration of $27.8 million.