Virtusa expands European operations with TradeTech buyout

Virtusa expands European operations with TradeTech buyout

Locations, Outsourcing News/ PR
US-based IT consulting, technology implementation and application outsourcing services provider, Virtusa Corporation, has expanded its footprint in Europe with the acquisition of Swedish outsourcing and consulting firm TradeTech Consulting Scandinavia AB. The Nasdaq-listed company, which has its global delivery centres at Hyderabad and Chennai in India, has acquired all the outstanding shares of TradeTech for approximately $20 million cash, and up to $4 million in earn-out consideration upon TradeTech’s achievement of certain revenue and profit milestones for the 2014 calendar."The complementary expertise that TradeTech delivers will help increase our total addressable market and provide our combined client base with expanded service offerings. In addition, this acquisition is an important step in establishing Virtusa in Nordic (Denmark, Finland, Iceland, Norway and Sweden) countries and providing a broad set of consulting and…
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