Yes, a new word has introduced in the dictionary. It formally means that the work has outsourced to Bangalore, India. It is an adjective and has published in many dictionaries online as well as hard copies.
Informally it is taken as a threat to an American or a non-Indian who may loose their livelihood if the work is Bangalored.
It is surprising that in US some T-Shirt manufacturers are selling their T-Shirts with caption “Don’t Get Bangalored” for around $15-$20
Few reasons for the existence of this word are that Bangalore is the hub for IT/ITES with talented professionals are in abundant. Their expertise can be utilized for fewer amounts with greater accuracy. Quality of education in Bangalore and surroundings is excellent and produces these IT experts.
A similar word is “Shanghaied”, meaning to kidnap someone for compulsory service aboard a ship and more broadly, to force someone to do something by fraud or coercion