Virtusa Sets IPO Terms

Virtusa Corp., a Westborough, Mass.-based provider of IT consulting, technology implementation and application outsourcing, has set its IPO terms to 4.4 million common shares being offered at between $14 and $16 per share. It would be valued at around $365 million, if it were to price at the high end of its range. Virtusa plans to trade on the Nasdaq under ticker symbol VRTU, with JPMorgan serving as lead underwriter. The company has raised around $72 million in total VC funding since 2000, from firms like Sigma Partners (24.6% pre-IPO position), Charles River Ventures (16.2%) and Globespan Capital Partners (15.6%).