Indianapolis-based Apparatus Inc. has been acquired for $34.2 million in cash by Virtusa Corp., an information technology service headquartered in Westborough, Mass., and traded on the NASDAQ exchange.
The price, the companies announced late April 1, could rise by $3.2 million based on Apparatus’ performance through March 31, 2016, and an additional $3.5 millon in restricted stock awards to certain Apparatus employees over four years. Thus, the total could reach $40.9 million.
Apparatus has more than 200 employees. The company provides consulting, service design and delivery of infrastructure management services to help clients improve efficiency.
Virtusa operates in a similar space, offering technology consulting.
Apparatus is headquartered at 1401 N. Meridian St. Founder and CEO Kelly Pfledderer said in a prepared statement that Virtusa is “committed to Apparatus’ presence in Indianapolis as well as expanding our global capacities.”
Aparatus President Aman Brar was named to IBJ’s Forty Under 40 class in 2014.