Chennai: US-based IT company Virtusa Corp. is looking to acquire Chennai-based Polaris Consulting and Services Ltd, according to certain media reports.
Virtusa is discussing a potential acquisition of Polaris Consulting in a deal valued at $350 million (Rs.2,310 crore), reported The Times of India on Monday.
US-based financial services technology provider Fiserv, Genpact, Tech Mahindra are among the other possible suitors.
While Polaris Consulting and Services was unavailable for clarifications, Virtusa Corp. refused to comment on any market rumours when approached by Mint through e-mail. “We do not comment on market rumours. If and when we have announcements material to our business we will communicate that to our stakeholders at the appropriate time, using the appropriate channels,” said a statement form the US-based firm.
If the deal works out, the Chennai-based company will help Virtusa foray into financial services and consulting. Virtusa, an information technology services company founded in 1996, has its headquarters in Massachusetts, US.
Arun Jain, chairman of Polaris Consulting and Services, has a 29% stake, while the Rohatyn Group (formerly Citi Venture Capital International) owns 19% in the company.
Citigroup, Polaris’s largest client which contributes around 35% to its revenue, will be the big target for Virtusa. Polaris has been seen as a potential firm to fill up the financial portfolio of many companies.
In 2013, it was reported that Tech Mahindra may acquire Polaris to expand into banking, financial services and insurance.
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