Virtusa acquires TradeTech to expand operations in Europe

Virtusa Corporation has announced that it has acquired all the outstanding shares of TradeTech Consulting Scandinavia AB and its subsidiaries (TradeTech). This acquisition will expand Virtusa’s position within the banking, financial services and insurance industries by increasing its asset management and treasury services domain and technology expertise. 
 
With 60 team members, TradeTech’s core strengths include technology consulting, regulatory & compliance, implementation of global asset management and treasury platforms, as well as managed services.  With the addition of TradeTech, Virtusa plans to leverage these complementary capabilities across its global client base, enabling Virtusa to offer a broader set of services to existing and new clients.
 
TradeTech expects to immediately extend Virtusa’s presence within Europe, expanding Virtusa’s global footprint into the Nordics, a large and growing IT services market primed for increasing its use of outsourcing. 
 
Kris Canekeratne, Chairman & CEO, Virtusa, stated, “We are pleased to welcome Joakim Wiener, the TradeTech team members, and their clients to Virtusa.  The complementary expertise that TradeTech delivers will help increase our total addressable market and provide our combined client base with expanded service offerings. In addition, this acquisition is an important step in establishing Virtusa in the Nordic countries and providing a broad set of best-in-class consulting and outsourcing service to this region.”
 
Moreover, TradeTech clients will continue to benefit from local operational support and now will have access to Virtusa’s global delivery model and broader services capabilities.