Needham & Company Raises Price Target on Virtusa (VRTU) Following Solid 2Q Earnings

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Go back to Needham & Company Raises Price Target on Virtusa (VRTU) Following Solid 2Q Earnings

Virtusa Announces Definitive Agreement to Acquire a Majority Interest in Polaris Consulting & Services, Ltd.

November 5, 2015 6:30 AM EST

Virtusa and Polaris would together create a leading global provider of end-to-end IT services and solutions to banking and financial services (BFS) industry segment. Virtusa and Polaris collectively will have approximately 18,000 (1) employees, generating $826 million of pro forma revenue(2) for the twelve months ended September 30, 2015. On a non-GAAP basis, transaction is estimated to be ($0.08) dilutive to fiscal fourth quarter 2016 EPS, slightly dilutive to fiscal year 2017 EPS, and accretive thereafter.

WESTBOROUGH, Mass.--(BUSINESS WIRE)--... More

Virtusa Announces Second Quarter Fiscal 2016 Consolidated Financial Results

November 4, 2015 6:30 AM EST

Second quarter fiscal 2016 revenue of $143 million increased 6% sequentially and 21% year-over-year. Second quarter fiscal 2016 diluted EPS on a GAAP basis was $0.37, compared to $0.34 in the year ago period. Generated $17 million of cash from operating activities during the second quarter of fiscal 2016. Commenced work with nine new clients in the quarter.

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Virtusa... More