Shares of the Southborough, Mass., company at last check were 24% higher at $50.26.
The transaction is expected to close in the first half of 2021.
Under the terms of the agreement, the two companies said in a statement, Baring PE Asia will acquire all of Virtusa's common shares for $51.35 each.
That's more than 2 1/2 times the stock's 52-week low above $19, set in mid-March. The stock traded just under $50 in mid-February.
The deal price per share, approved by Virtusa's board, reflects a premium of about 27% to the closing price of Virtusa common stock on Sept. 9.
Virtusa's board received an unsolicited acquisition proposal on July 20.
The company has about 22,716 full-time employees and a market capitalization of $1.52 billion.
Founded in 1997, Hong Kong-based Baring PE Asia has about $20 billion of assets under management.
Baring PE Asia said it employs more than 190 people in offices in Hong Kong, China, India, Japan, Singapore, Australia, and the U.S.
The firm currently has more than 40 portfolio companies active across Asia with a total of 224,000 employees and sales of about $39 billion.
Kris Canekeratne, Virtusa's chairman and CEO, said in a statement that "this transaction represents a strategic evolution for Virtusa and a unique opportunity to take our business to new heights at a time of accelerating digital adoption."
Last month, Reuters reported that Baring PE Asia had made a counteroffer for Japanese nursing-home operator Nichiigakkan, which had agreed to be bought by Bain Capital in a deal valuing it at $1.2 billion.
Tokyo-based Nichiigakkan’s core businesses of elder care, child care and hospital staffing are growing steadily, according to the company, as demand for the services are rising in a country with a rapidly aging population.
Bain Capital fended off the higher last-minute bid from Baring PE Asia, Reuters said,