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Virtusa

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Virtua Corporation
Company typePublic
Nasdaq: VRTU
IndustryInformation Technology Services
Founded1996- Massachusetts, USA
FounderKris Canekeratne
Tushara Canekeratne
Headquarters
Westborough, Massachusetts
,
USA
Area served
United States, United Kingdom, Germany, The Netherlands, Hungary, India, Singapore and Sri Lanka
ServicesConsulting, Business Consulting, Application Development, Product Development, Legacy Asset Management
Revenue$ Increase 500.90 million (FY14)[1]
$ Increase 34.4 million (FY14)[1]
Number of employees
10000 (As of 2014)[2]
Websitewww.virtusa.com

Virtusa Corporation (NYSE: VRTU) is a global information technology services company founded in 1996 with its headquarters in Westborough, Massachusetts, USA. The company provides IT Consulting, Business Consulting, Systems Implementation and Application Outsourcing services to large enterprises and software vendors.

The company, founded in 1996, has delivery centers in U.S., U.K., Singapore, Germany, Malaysia, Netherlands, India, and Sri Lanka.

History

Virtusa was founded in 1996, with the objective to assemble global teams that could innovate and help clients accelerate their time-to-market, as opposed to spending time on mundane tasks. In the late nineties, software development was plagued by issues like coding inefficiencies, cost over-runs and delays in releases. Kris Canekeratne’s view when founding Virtusa, was to apply the notion of platforms to software development. This is an area that he is passionate about and his deep expertise in and often exemplified through lessons learned from established industries such as manufacturing and automotive. The company was initially named as “Software solutions” and later renamed as ‘Technology Providers International’. In 1998, the company opened their head office at Westborough, Massachusetts and the company was incorporated as Technology Providers Inc. in the United States. In the year 2000, Technology Providers International was renamed as ‘eRUNWAY Inc.’ and offered eBusiness, Internet software development and systems integration services. eRUNWAY was re-launched as ‘Virtusa Corporation’ on April 22, 2002. The name Virtusa is derived from the Latin word, "Virtus" which means excellence. Virtusa went public on August 3, 2007 by listing on the NASDAQ exchange.

Acquisitions

  • In 2009, acquired InSource,[3] a technology consulting company which specialized in Insurance and Healthcare industries. InSource[3] is based in Hartford, Connecticut, USA.
  • In 2010, Virtusa acquired ConVista Consulting, LLC,[4] a U.S.based, privately held, market leader in finance transformation, specifically focusing on high volume collection, disbursement, claims and billing systems in BFSI. In the following year,
  • In 2011, Virtusa acquired ALaS Consulting LLC,[5] a Financial Services Consulting Firm.
  • In November 2013, Virtusa acquired OSB Consulting LLC, a New Jersey-based consulting firm specializing in the financial services and insurance domains, including SAP finance capabilities.
  • At the start of 2014, Virtusa announced that it has acquired all the outstanding shares of TradeTech Consulting Scandinavia AB and its subsidiaries. TradeTech, headquartered in Stockholm, Sweden, is a consulting and IT services provider specializing in treasury and asset management for major financial institutions in the Nordic countries.
Virtusa at Orion City Sri Lanka

Operations

Virtusa provides technology solutions and services to Banking & Financial Services, Insurance, Healthcare,Telecom, ISVs, Retail and Media and Entertainment and Information. In addition to developing custom solutions for customers, the company offers services across Business Process Management (BPM), Customer Experience Management (CEM), Enterprise Mobility, Analytics and Quality Assurance among others. The company uses a global delivery framework, through its delivery centers in India and Sri Lanka, to deliver solutions and services to its customers.

Competition

Some of its key competitors in the Offshore IT Services industry include Infosys, Wipro, Cognizant, HCL and Tata Consultancy Services among other organizations.

Community Support

The company has a community support program that focuses on education and uses its IT competencies for meeting the needs of the community.

  • A team from Virtusa designed and developed a school management system, AKURA,[6] to assist schools with an effective mechanism to manage daily activities involved in running a school. The school management system allows easy and centralised access to student information such as their schedule, report cards, attendance, grades, extracurricular activities, etc., as well as teacher information such as experience, schedules, etc. Through the system teachers and parents can collaboratively view students’ progress. The system has been adopted by schools and universities from across different countries and downloaded more than 6,000 times.[7]
  • Virtusa recently facilitated setting up IT laboratories for fifty schools in the Uva province of Sri Lanka. The program was carried out in partnership with a local university in Sri Lanka.[8]
  • Earlier, in 2010, the company leveraged its technology/QA expertise to support the One laptop per child (OLPC) program[9]
  • In the wake of Tsunami in 2004, its employees actively participated in the development of Sahana, an open source based disaster management.

Offices

References

  1. ^ a b http://finance.yahoo.com/news/virtusa-announces-record-fourth-quarter-200500327.html
  2. ^ "About the Company". Virtusa. Retrieved 2013-02-07.
  3. ^ http://www.insurancetech.com/management-strategies/virtusa-acquires-insource/221600806. {{cite web}}: Missing or empty |title= (help)
  4. ^ Marino, Jonathan. http://www.themiddlemarket.com/news/virtusa-completes-convista-buy-202700-1.html. {{cite web}}: Missing or empty |title= (help)
  5. ^ http://www.themiddlemarket.com/news/virtusa-completes-convista-buy-202700-1.html. {{cite web}}: Missing or empty |title= (help)
  6. ^ http://www.sundaytimes.lk/120603/BusinessTimes/bt16.html. {{cite web}}: Missing or empty |title= (help)
  7. ^ http://finance.yahoo.com/news/virtusa-wins-2012-witsa-global-140000339.html. {{cite web}}: Missing or empty |title= (help)
  8. ^ [1][dead link]
  9. ^ "Virtusa supports One Laptop per Child Program – Press Releases on". Csrwire.com. 2010-07-29. Retrieved 2012-10-15.
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