Sri Lanka, Sept. 11 -- Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for US$ 51.35 per share in an all-cash transaction valued at approximately US$2.0 billion, US media reports said.

Virtusa Corporation, founded in Sri Lanka 18 years ago and later became a multinational firm with a listing on the US NASDAQ, is a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the c...