UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 28, 2016
VIRTUSA CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware |
|
001-33625 |
|
04-3512883 |
(State or Other Jurisdiction |
|
(Commission |
|
(IRS Employer |
2000 West Park Drive |
|
01581 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrants telephone number, including area code: (508) 389-7300
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On March 30, 2016, Virtusa Corporation (the Company) announced the completion of the subscription period for an unconditional mandatory open offer with successful tender to purchase an additional 26% (1) of the fully diluted outstanding shares of Polaris Consulting & Services, Ltd. (Polaris) from Polaris public shareholders. The mandatory open offer was conducted in accordance with requirements of the Securities and Exchange Board of India (SEBI) and the applicable Indian rules on Takeovers. The Company will accept the purchase of 26,719,942 shares of Polaris common stock for $3.25 per share (INR 220.73 per share) (2) for an aggregate purchase price of $86.8 million (INR 5,898 million) (2). The mandatory open offer began on March 11, 2016 and closed on March 28, 2016 and was fully subscribed. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
(1) Based on fully-diluted capitalization of Polaris, which includes all outstanding shares and vested and unvested options, as of the 10th working day from the date of the closing of the mandatory unconditional offer.
(2) Based on an INR to US Dollar conversion rate of 67.94
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibit relating to Item 8.01 shall be deemed to be furnished, and not filed:
99.1** Press Release issued by Virtusa Corporation on March 30, 2016.
**Furnished herewith
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
Virtusa Corporation | |
|
|
|
|
Date: March 30, 2016 |
|
By: |
/s/ Ranjan Kalia |
|
|
|
Ranjan Kalia |
|
|
|
Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit 99.1
Virtusa Announces Successful Completion of Mandatory Open Offer for Shares of Polaris Consulting & Services, Ltd.
Westborough, MA (March 30, 2016) Virtusa Corporation (NASDAQ GS: VRTU) today announced the completion of the subscription period for an unconditional mandatory open offer with successful tender to purchase an additional 26% (1) of the fully diluted outstanding shares of Polaris Consulting & Services, Ltd. (Polaris) from the companys public shareholders. The mandatory open offer was conducted in accordance with requirements of the Securities and Exchange Board of India (SEBI) and the applicable Indian rules on Takeovers. Virtusa will accept the purchase of 26,719,942 shares of Polaris common stock for $3.25 per share (INR 220.73 per share) (2) for an aggregate purchase price of $86.8 million (INR 5,898 million) (2). The mandatory open offer began on March 11, 2016 and closed on March 28, 2016 and was fully subscribed.
Upon settlement of the transaction, which is expected to occur by April 12, 2016, Virtusas ownership interest in Polaris will increase from 51.7% to 77.7% (4) of Polaris fully diluted shares outstanding, and from 52.9% to 79.6% of Polaris basic shares outstanding. Under applicable Indian rules on Takeovers, Virtusa is required to sell within one year of the settlement of the unconditional mandatory offer its shareholdings in Polaris in excess of 74.99% (5) of the basic outstanding share capital of Polaris.
Total purchase consideration for Virtusas 77.7% (4) fully diluted ownership interest in Polaris is approximately $252.7 million (INR 17,262 million). The total purchase consideration includes the $86.8 million (INR 5,898 million) (2) used in the unconditional mandatory open offer, and the $165.9 million (INR 11,364 million) (3) used to acquire approximately 51.7% (1) of the fully diluted outstanding shares of Polaris from founding shareholders, promoters, and certain other minority stockholders of Polaris as disclosed in Virtusas press release issued on March 3, 2016.
About Virtusa
Virtusa provides end-to-end information technology (IT) services to Global 2000 companies. These services, which include IT consulting, application maintenance, development, systems integration and managed services, leverage a unique Platforming methodology that transforms clients businesses through IT rationalization. Virtusa helps customers accelerate business outcomes by consolidating, rationalizing, and modernizing their core customer-facing processes into one or more core systems.
Virtusa delivers cost-effective solutions through a global delivery model, applying advanced methods such as Agile and Accelerated Solution Design to ensure that its solutions meet the clients requirements. As a result, its clients simultaneously reduce their IT operations cost while increasing their ability to meet changing business needs.
Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.
© 2011 - 2016 Virtusa Corporation. All rights reserved.
Virtusa, Accelerating Business Outcomes, BPM Test Drive and Productization are registered trademarks of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.
About Polaris Consulting & Services Ltd
Polaris Consulting & Services Ltd. is a leader in solutions and services that enable operational productivity for the global financial services industry. With a strong strategic consulting focus backed with high performance delivery in digital enterprise, payments, risk and compliance and data and analytics, Polaris services are strongly differentiated, with a formidable reputation in global consumer banking, treasury and capital markets, global transaction banking, insurance and enterprise commerce. Polaris services include process engineering, solution consulting, system integration, application development and maintenance, production support, testing, and infrastructure management. To deliver these services, Polaris has invested heavily in building deep functional and domain-specific models, tools and accelerators, which enable it to deliver higher productivity and better quality to its BFSI clientele.
The high performance outsourcing (HPO) model with aggressive performance-based outcome metrics also leverages highly domain specialized horizontal practices like high performance testing, infrastructure management, mainframe practice, CRM practice and BPO. Digital enterprise solutions extend across retail, logistics, manufacturing and enterprise commerce. For more details, please visit www.polarisft.com
Footnotes
(1) Based on fully-diluted capitalization of Polaris, which includes all outstanding shares and vested and unvested options, as of the 10th working day from the date of the closing of the mandatory unconditional offer.
(2) Based on an INR to US Dollar conversion rate of 67.94.
(3) Based on an INR to US Dollar conversion rate of 68.50.
(4) Estimated ownership on a fully diluted basis, inclusive of all outstanding shares and vested and unvested options, as of the 10th working day from the date of the closing of the mandatory unconditional offer.
(5) Under the Indian Takeover Regulations, Virtusa Consulting Services Private Limited, (Virtusa India), a subsidiary of Virtusa Corporation and acquirer of the Polaris shares, was required to make an offer to Polaris public shareholders to
purchase an additional 26% of the fully diluted outstanding shares of Polaris. The mandatory unconditional offer is fully subscribed, and, when coupled with the 51.7% of the fully diluted outstanding shares of Polaris acquired under the share purchase agreement, the shares held by Virtusa India are in excess of 74.99% of basic outstanding share capital of Polaris. Virtusa India, as the promoter of Polaris under Indian laws, will be required to, within one year of the closing of shares tendered in the mandatory offer process, reduce its shareholding level to 74.99% of basic outstanding share capital of Polaris.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding managements plans, objectives, and strategies. For additional disclosure regarding risks faced by Virtusa, see the disclosure contained in Virtusas public filings with the Securities and Exchange Commission, including Virtusas Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission.
Media Contact:
Amy Legere
Greenough
(617) 275-6517
alegere@greenough.biz
Investor Contacts:
William Maina
ICR
646-277-1236
william.maina@icrinc.com
N*YIKNYN=3!BW;,TG>8OA-DQKG)49H(J>2">:L6XFF(1%9CV JW9Z9+?2Y4[(^[>E;BI;Z=
M%LCQN]">6HJU5'3J*A0E+5[%"'199 &F<)GL.3575?#.^(R02MYB]B.M;N^:
M2VW*H20] :;Y%Q+S)+M]EKDE4