Australian Salesforce specialist Mav3rick snapped up by Virtusa
US-based IT consultancy Virtusa has furthered its push into Asia Pacific through the purchase of Australian Salesforce specialist Mav3rick, the latter which was advised on the deal by Equiteq.
Headquartered in Massachusetts, Virtusa operates in more than two dozen countries, including in Australia via existing offices in Sydney and Melbourne, with a global headcount in excess of 25,000 serving clients on digital strategy, product, and platform engineering.
Joining that mix is Sydney-based Salesforce and Mulesoft specialist Mav3rik, which was founded by Sean Finucane and Richard Enojas in 2017 with a focus on the government and healthcare sectors and has since expanded to Melbourne, Perth, and most recently Adelaide.
“Our investment in Mav3rik is one step in growing our footprint in the strategic A/NZ and greater APAC regions,” stated Nitesh Banga, who joined Virtusa as CEO from Hitachi earlier this year. “Bringing Virtusa and Mav3rik capabilities together demonstrates our strong commitment to deliver purposefully on our regional clients’ strategic imperatives.”
Since its establishment, Mav3rik has been a multiple entrant on the annual CRN ‘Fast50’ list, peaking at number 6 in 2022 after more than doubling its revenues to greater than $10 million over the previous financial year, with its headcount also climbing to around 80 consultants and technicians during that period, including those in its offshore base in Manila.
“We’re proud to join forces with Virtusa,” stated Finucane. “Mav3rik is now part of a global organisation. This will enable us to scale faster, expand further, innovate deeper, and deliver even more value to our clients in Australia, New Zealand, and beyond. A big shout-out to the entire Mav3rik team as we continue to break new ground together.”
Sell-side M&A
Global technology and professional services sector M&A specialists Equiteq served as the exclusive financial advisor to Mav3rik, adding to a long line of high-level deals in the local market, including, among others, the recent sale of Canberra-based Proximity to global player SPA and earlier transactions involving the likes of Accenture and on multiple occasions Deloitte.
“We’ve thoroughly enjoyed supporting Richard, Sean, and the Mav3rik team throughout this transaction,” stated Equiteq A/NZ managing director Alex Monck. “They’ve built an outstanding business with a strong reputation for delivering impact and value to clients. This partnership marks an exciting new chapter, and we’re pleased to have supported them on this journey.”
Previously listed, Virtusa was itself bought by Baring Private Equity Asia for $2 billion in 2020, before the latter was then swallowed up by Swedish investment giant EQT.
