WESTBOROUGH, Mass.--(BUSINESS WIRE)--Jan. 25, 2008--Virtusa Corporation (NASDAQ: VRTU), a global information technology (IT) services company that provides IT consulting, technology implementation and application outsourcing services through an enhanced global delivery model, confirmed today that the lock-up agreements entered into in conjunction with its initial public offering will be extended until Tuesday, February 19, 2008, the first trading day after expiration of the lock-up agreements.
Under the terms of the lock-up agreement, the expiration date of the lock-up was automatically extended for an additional 18 days due to the timing of the Company's quarterly earnings release. The Company recently announced that it intends to release financial results for the third quarter of fiscal year 2008 on Thursday, January 31, 2008.
Upon expiration of the lock-up period, the shares subject to the lock-up restriction will become available for resale subject to applicable restrictions under the federal securities laws, including Rules 144 and 701 under the Securities Act of 1933. Virtusa completed its initial public offering in August 2007.
Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.
Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.
Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.