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| Wednesday, 9 July 2003 |
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Virtusa to invest $8 million this year on infrastructure Virtusa is investing between US$ 7 and 8 million in Sri Lanka this year on infrastructure in the country. Last year alone, the company invested US$ 4 to 5 million in Sri Lanka, Chairman and CEO, Virtusa Corp, Kris Canekeratne said. Virtusa Corporation, a pioneer in outsourced high-end software engineering services and founded by Sri Lankan IT expert Kris Canekeratne said that its revenue for the fiscal year ended March 31, 2003 increased by 50 percent. The company also posted its strongest quarter ending June 30, 2003, resulting in nine sequential quarters of revenue growth, he told a press conference at the Trans Asia Hotel yesterday. During the year under review, over 80% of the company's revenue came from pre-existing clients. New client acquisition also continued to be a strong growth driver during the fiscal year, with over 20 new clients entering into multi-year revenue relationships with Virtusa. Industry leaders such as Bank One Corporation, Siemens, Shaw's Supermarkets and Pegasystems among others selected Virtusa as their partner of choice for building mission-critical software platforms and products. Virtusa continued to attract marquee name clients from a broad spectrum of verticals including Retail, Financial Services, Telecommunication and High Technology/Independent Software Vendors, the company said. "The fiscal year ended March 31, 2003 was an outstanding year for Virtusa and our results validate the relevance and need for our unique service model," said Canekeratne. "We attribute our continuing success to a long track record of consistently delivering quantifiable business benefits. Our clients have gained significant benefits of revenue acceleration, immediate cost efficiencies and overall reduction in total cost of ownership through better-delivered software." "As a trusted technology partner, Virtusa has always focused on systematically increasing software engineering productivity, mitigating technology risks and building future proof technology platforms for our clients. Our industry leading growth is directly attributable to our unique business model, our outstanding service quality and the dedication and devotion of our talented employees. We are optimistic about the future based on the growing list of satisfied, long-term blue chip clients and strong revenue momentum. We will continue to invest in our ability to deliver increasing value to our stakeholders including our clients, investors and our rapidly growing team of Virtusans worldwide," Canekeratne said. Virtusa is an employee-owned, US-based provider of outsourced software engineering services. Virtusa's unique Productisation methodology executed by mature globally distributed engagement teams brings unparalleled value to clients. Committed to sharply increasing software engineering efficiencies, Virtusa brings quantifiable productivity increases to Global 2000 enterprises and industry leading software product companies. Since its inception in 1996, Virtusa has had an outstanding track record of exceeding client expectations and a blue-chip client base that is 100% referenceable. Virtusa has delivered over 500 product-class enterprise solutions that have created significant strategic value for clients. Headquartered in MA, Virtusa has advanced technology centres in the US, India and Sri Lanka. |
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Produced by Lake House |
