Virtusa Rejigs Polaris Board Post Acquisition

Having completed the achievement of a majority stake in Polaris Consulting & Services, Virtusa has announced a change in the composition of the board of directors of the company, as well as a reconstitution of other board committees.

The company also announced the resignation of the members who were a part of the Polaris board. Virtusa CEO Krishan (Kris) Aruna Canekeratne has been appointed to the board as additional director. The other new members are Polaris chief operating officer Rama Sivaraman and Virtusa chief financial officer Anuranjan (Ranjan) Krishnan Kalia, while independent directors are Jayaraman Ramachandran, Professor at IIMBangalore, Arvind Sharma & Sunil Bowry, professor at Shiv Nadar Univeristy.

Jitin Goyal will remain chief executive officer of Polaris and remains on the board. He was appointed president, BFS, to lead Virtusa’s and Polaris’ business operations in the banking and financial services verticals.

Raj Rajgopal, president, Virtusa, was appointed president, ETS, and will lead Virtusa’s and Polaris’ operations serving the insurance, communications and technology, and media, information and other verticals.

Goyal and Rajgopal will be responsible for executing the growth strategies for the companies, which include driving over $100 million of cumulative revenue synergies over the next three fiscal years from the business combination.

Virtusa acquired 51.7% of the fully diluted outstanding shares of Polaris and will commence a mandatory open offer to purchase up to an additional 26% of the outstanding shares of Polaris beginning March 11, 2016.