| Type | Public |
|---|---|
| Traded as | NASDAQ: VRTU |
| Industry | Information Technology Services |
| Founded | 1996- Colombo, Sri Lanka |
| Founder(s) | Kris Canekeratne Tushara Canekeratne |
| Headquarters | Westborough, Massachusetts, USA |
| Number of locations | United States, United Kingdom, India, Sri Lanka, The Netherlands, Hungary |
| Services | Consulting, Application Development, Product Development, Legacy Asset Management |
| Revenue | $218 million (FY11)[1] |
| Employees | More than 5,000 (As on 31 March 2011) [2] |
| Website | Virtusa.com |
Virtusa Corporation (NASDAQ: VRTU) is an information technology services company headquartered at Massachusetts, USA. The company provides IT Consulting, Systems Implementation and Application Outsourcing services to Global 2000 enterprises and software vendors.
Virtusa has partnerships with global software vendors including IBM, Microsoft, SAP, Pegasystems, OpenText and Oracle Corporation among others, to provide custom solutions and services in Business Process Management (BPM), Enterprise Content Management (ECM) and Data Warehousing and Business Intelligence.
The company, founded in 1996, has offices and delivery centers in U.S., U.K., India, Sri Lanka and Netherlands.
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Virtusa was founded as ‘Software Solutions’ in 1996 as a software development company. The company started in one of the back rooms of founder, Kris Canekeratne’s residence in Colombo, Sri Lanka.
In 1997, Software Solutions was renamed as ‘Technology Providers International’ and was involved in outsourced object-oriented software design and development services. In 1998 the company opened their head office in Westborough, Massachusetts and the company was incorporated as Technology Providers Inc. in the United States.
In 2000, during e-commerce trend, Technology Providers International was renamed ‘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 "virtus" meaning excellence. Virtusa went public on August 3, 2007 by listing on the NASDAQ exchange.
On November 5, 2009, Virtusa announced the acquisition of InSource,a technology consulting company with specialization in the Insurance and Healthcare industries. InSource is based in Hartford, Connecticut, USA and has approximately 50 employees.[3]
In February 2010, the company acquired ConVista Consulting, LLC, a U.S.-based, privately-held, market leader in finance transformation, specifically focusing on high volume collection, disbursement, claims and billing systems in BFSI.[4]
The company opened a new campus in Nanakramguda, Hyderabad in September 2010. [5]
Virtusa provides technology solutions and services to Banking & Financial Services, Insurance, Communications and Technology and Media and Information. In addition to developing custom solutions for customers, the company offers services across Business Process Management (BPM), Enterprise Content Management (ECM) and Data Warehousing and Business Intelligence 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.
Some of its key competitors in the Offshore IT Services industry include Infosys, Wipro, Cognizant, Mahindra-Satyam and Patni Computer Systems among other organizations.
The company has a community support program that focuses on education and uses its IT competencies for meeting the needs of the community.