Virtusa

Infobox Company
name = Virtusa Corporation

type = Public nasdaq|VRTU
genre =
foundation = 1995 - Colombo, Sri Lanka flagicon|Sri Lanka
founder = Kris Canekeratne
Tushara Canekeratne
location_city = Westborough, Massachusetts,
location_country = USA flagicon|USA
location =
locations =
area_served =
key_people = Kris Canekeratne (Chairman and CEO)

industry = Information Technology Services
products =
services =
market c
$ gain182.93 million (As on 19 August 2008) [http://finance.google.com/finance?q=VRTU&hl=en]
revenue = $ gain165.2 million (FY08) [http://finance.google.com/finance?q=VRTU&hl=en]
operating_income = $ gain19.4 million (FY08) [http://finance.google.com/finance?q=VRTU&hl=en]
net_income = $ loss17.8 million (FY08) [http://finance.google.com/finance?q=VRTU&hl=en]
assets = $ gain180.8 million (FY08) [http://finance.google.com/finance?q=VRTU&hl=en]
equity = $ gain155.8 million (FY08) [http://finance.google.com/finance?q=VRTU&hl=en]

owner =
num_employees = 4,265 (As on 31 March, 2008) [ [http://seekingalpha.com/article/78157-virtusa-corporation-f4q08-qtr-end-03-31-08-earnings-call-transcript?page=5 Virtusa Corporation F4Q08 (Qtr End 03/31/08) Earnings Call Transcript - Seeking Alpha ] ]
parent =
divisions =
subsid =
homepage = [http://www.virtusa.com/ www.virtusa.com]
footnotes =
intl = Virtusa Corporation (NASDAQ|VRTU) is an information technology services company headquartered at Massachusetts, USA. It serves the technology needs of global enterprises and software vendors across communications & technology; banking, financial services & insurance; and media & information industries. Virtusa is ISO 27001 and SEI-CMMI Level 4 certified IT services company.

Founded in 1996, Virtusa has offices and technology centers in U.S., U.K. and Asia.

Corporate History

1995 – 1998 Software Solutions

Virtusa was founded as ‘Software Solutions’ in 1995 by Kris Canekeratne. In this period Microsoft released Windows 3.51 and there was a shortage of Windows NT engineers and Software Solutions was established to fill this need. The company started in one of the back rooms of Kris Canekeratne’s residence, No. 9 Horton Place, Colombo 7, with just three engineers and a board of five directors. By 1996 the company had grown to 18 employees.

1998 – 2000 Technology Providers International

In 1997, Software Solutions was renamed as ‘Technology Providers International’ and were a leading supplier of outsourced object-oriented software design and development services. The company gained BOI status (Advanced Technology) and the international success of the company was acknowledged locally. And they opened head office in Main Street, Westborough, Massachusetts in 1998 marked a significant milestone and the company was known in the United States as Technology Providers Inc.

2000 – 2002 eRUNWAY™

With the eCommerce era in the year 2000, the company changed its vision and mission and adapted to the changing needs of the Internet era. Technology Providers International was renamed ‘eRUNWAY Inc.’ and became a leading eBusiness, Internet software development and systems integration services company. the company was divided into three Strategic Business Units namely eHRVC (Human Resource Venture Capital), eNterprise and eBusiness. During this time eRUNWAY’s third area office was inaugurated in Hyderabad, India and was named the India Advanced Technology Center.

2002 onwards Virtusa

eRUNWAY was re-launched as ‘Virtusa Corporation’ on April 22, 2002. The name Virtusa is derived from the Latin "virtus" meaning excellence.

Timeline

* 2003: Awarded the [http://www.pegasystems.com/ Pegasystems] Partner Excellence Award at Pegasystems annual customer and partner conference, PegaVISION 2003 [cite web | url = http://www.sundayobserver.lk/2003/06/15/bus05.html | title = Virtusa recognised by leading BPM provider | accessdate = 2007-02-26]
* 2003: Recognized by Bank One as one of their Top IT Suppliers [cite web | url = http://www.sundayobserver.lk/2003/06/15/bus05.html | title = BankOne Awards Top IT Suppliers | accessdate = 2007-02-26]
* 2004: Spearheaded the design and development of an open source system for disaster relief, Sahana in the wake of the 2004 Asian Tsunami. Sahana received the biggest award so far, the Free Software Foundation's award for the social benefit on the 24th of March 2007. [cite web | url = http://www.sundaytimes.lk/050227/ft/24.html | title = Local disaster management solution applauded | accessdate = 2007-03-02] The awards ceremony at the annual FSF meeting, held at MIT in U.S.A, where they received the award from the founder of the FSF, Richard Stallman. The award, which is only one of two awards given by the FSF each year, was inspired by Sahana a year ago. The recipient of last year's award was Wikipedia, and Sahana follows in its footsteps this year.
* 2005: Bagged the Hyderabad Software Exporters' Association (Hysea) award for `Best established offshore development centre' [cite web | url = http://www.thehindubusinessline.com/2005/03/09/stories/2005030900320501.htm | title = Virtusa bags Hysea award | accessdate = 2007-02-26]
* 2006: Named to Deloitte’s New England Technology Fast 50 [cite web | url = http://www.deloitte.com/dtt/press_release/0,1014,cid%253D129531,00.html | title = Litle & Co., LLC Tops Deloitte’s New England Technology Fast 50 at 33,683% Revenue Growth | accessdate = 2007-02-26]
* 2006: Named to Silicon India Top 100, which is an annual listing of the top 100 technology companies founded and managed by Indians in the U.S. [cite web | url = http://www.siliconindia.com/si100_2006/si_100_services.html | title = si100 2006 top 100 Indian founded and managed tech companies in US | accessdate = 2007-02-26]
* 2007: Announces pricing of its upcoming Initial Public Offering. [cite news
url = http://in.biz.yahoo.com/070803/138/6j3wp.html
title = Virtusa Announces Pricing of Initial Public Offering]
* 2007: On August 8,2007 the IPO for Virtusa began with an initial price per share of $14.00 [cite web | url= http://biz.yahoo.com/e/080212/vrtu10-q.html | title= Summary of Virtusa]
* 2007: Virtusa was ranked 80 in FinTech 100, an annual international listing of the top technology vendors that derive more than one third of their revenue from the financial services industry. [ cite web | url= http://www.thehindubusinessline.com/2007/11/14/stories/2007111451480400.htm | title= Virtusa ranked 80th in FinTech 100 ]
* 2008: Bagged Gold award at Sri Lanka's HRM awards (2007) [ cite web | url= http://www.nation.lk/2008/03/16/busi6.htm | title = VIRTUSA wins gold for excellence in HR Management ]
* 2008: Virtusa ranked # 252 on the 2008 VARBusiness 500 list. The VARBusiness 500 awards acknowledge the top-placed firms in North America that help corporations and institutions best apply IT strategies and systems. [ http://www.virtusa.com/aboutus/awards.asp ]
* 2008: Finalists 2008 U.S. Secretary of State’s Award for Corporate Excellence (ACE) [ http://www.state.gov/e/rm/2008/109122.htm]

Clients

Virtusa partners with some of the world’s largest financial services, communications services and media & information companies, as well as leading software companies. Most of clients are Global 1,000 members from following industries,
* Banking & Financial Services
* Insurance
* Communications and Technology
* Media and Information

Management Team

Executive Officers

* Kris Canekeratne - "Chairman and Chief Executive Officer"
* Thomas R. Holler - "Executive Vice President of Finance and Chief Financial Officer"
* Roger Keith Modder - "Executive Vice President and Managing Director Asian Operations"
* T. N. Hari - "Senior Vice President and Global Head of Human Resources"

Senior Leadership Team

* Vijay Madduri - "Senior Vice President and Head of Banking, Financial Services & Insurance (BFSI) Business Unit"
* John Gillis - "Executive Vice President of Client Services and Business Development"
* Marc Hebert - "Chief Marketing Officer"
* Santanu Paul - "Senior Vice President and Head of Global Delivery Operations"
* Raj Rajgopal - "General Manager, Head of Communications, Content, and Technology (CCT) Business Unit"

Board of Directors

* Kris Canekeratne - "Chairman and Chief Executive Officer"
* Izhar Armony - "Partner, Charles River Ventures"
* Robert Davoli - "Managing Director, Sigma Partners"
* Andy Goldfarb - "Executive Managing Director, Globespan Capital Partners"
* Ronald T. Maheu - "Director, Charles River Associates"
* Rowland T. Moriarty - "Chairman, Charles River Associates"
* Martin Trust - "Chairman, Brandot International"

Advisory Board

* Tushara Canekeratne - "Co-Founder"
* R. Stephen Cheheyl
* Kevin Laracey
* Allyn C. Woodward, Jr.

Offices

* "Corporate Headquarters" - located in Westborough, MA, USA
* "Other USA " - Silicon Valley Office, Sunnyvale, CA; New York Office, Park Avenue, New York, NY
* "United Kingdom " - Reading Office, Reading, Berkshire; London Office, Old Bailey,London
* "India " - Chennai Office -1, Thiru-Vi-Ka Industrial Estate; Chennai Office -2,Phase-C, DLF IT PARK ;Hyderabad Office-1,My Home Tycoon Building, Begumpet, Kundanbagh; Hyderabad Office - 2, White House,Begumpet, Kundanbagh; Hyderabad Office - 3, Cyber Gateway, Hitec City, Madhapur
* "Sri Lanka " - Trans Asia Office, Colombo 02; Vogue Building, Colombo 03; Cyntex Building; Colombo 09

References

External links

* [http://www.virtusa.com/ Virtusa]
* [http://finance.google.com/finance?q=VRTU&hl=en/ Google Finance Profile]