OLI recorded this information on 5/3/2017
Virtusa's Board of Directors has authorized a share repurchase program of up to $30 million of Virtusa's common stock over the next twelve months. The Company will fund share repurchases with the proceeds of the Orogen investment and cash on hand. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act of 1934. While the Board of Directors has approved the share repurchase plan, the timing of repurchases and the exact number of shares of common stock to be purchased will be determined by Virtusa management, at its discretion, and will depend upon market conditions and other factors.
Virtusa is engaged in providing digital engineering and information technology (IT) outsourcing services. Co. supports Forbes Global 2000 clients across consumer facing industries such as banking, financial services, insurance, healthcare, communications, technology, and media and entertainment. Co. provides services across IT services lifecycle, from consulting, to technology and user experience design, development of IT applications, systems integration, digital engineering, testing and business assurance, and maintenance and support services, including cloud, infrastructure and managed services.
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Hold (2.00 out of 4)