Virtusa

Virtusa Corporation (NASDAQ: VRTU) is an American information technology services company founded in 1996 in Sri Lanka and has its headquarters in Southborough, Massachusetts, United States. The company provides IT consulting, business consulting, systems implementation and application outsourcing services to large enterprises and software vendors.

Virtusa Corporation
TypePublic
NASDAQ: VRTU
S&P 600 Component
IndustryInformation technology services
Founded1996 - Sri Lanka
FoundersKris Canekeratne
Tushara Canekeratne
John Gillis
Sandy Gillis
Headquarters
Southborough, Massachusetts
,
United States
Area served
United States, United Kingdom, Canada, United Arab Emirates, Australia, Saudi Arabia, Qatar, Switzerland, Sweden, the Netherlands, Hungary, India, Singapore, Malaysia and Sri Lanka
ServicesIT consulting, business consulting, application development, product development, legacy asset management
Revenue$ $1.02 billion (FY18)[1]
$ 34.4 million (FY15)[2]
Number of employees
20,001 (2018) [3]
Websitewww.virtusa.com

The company has several delivery centers in India and Sri Lanka with the ones in Hyderabad, Chennai and Colombo being the largest. In September 2020, Baring Private Equity Asia announced that it would acquire Virtusa corporation for US$ 2 billion.[4][5][6]

Acquisitions
  • In 2009 "Virtusa Acquires InSource".[7] a technology consulting company which specialized in the insurance and healthcare industries. InSource is based in Hartford, Connecticut, US.
  • In 2010, Virtusa acquired ConVista Consulting, LLC,[8] a US-based, privately held market leader in finance transformation, specifically focusing on high volume collection, disbursement, claims and billing systems in BFSI.
  • In 2011, Virtusa acquired ALaS Consulting LLC,[8][9] 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.
  • In 2015, Virtusa acquired all the outstanding shares of Apparatus, Inc.,[10] an IT infrastructure services provider headquartered in Indianapolis, Indiana, US.
  • In November 2015, Virtusa acquired a 53% stake in Polaris Consulting & Services Limited, India,[11] a provider of IT solutions primarily to banking and financial services. Virtusa paid $270 million for the firm, which saw more than 7,500 employees join its global undertakings.
  • On 12 March 2018, Virtusa Corporation announced that it has entered into an equity purchase agreement to acquire all of the outstanding shares of eTouch Systems Corp. (“eTouch US”) and eTouch Systems Pvt. Ltd (“eTouch India,” together with eTouch US, “eTouch”).[12]
Virtusa at Orion City Sri Lanka

Operations

On 29 March 2018, Virtusa had around 20,000 employees.[13]

Virtusa will have a global presence with offices throughout US, Europe and Asia, and advanced development centers in the United States, Europe and Asia.[14]

Competition

Some of its key competitors in the offshore IT services industry include Infosys, Wipro, Cognizant, Tech Mahindra, Mphasis, HCL and Tata Consultancy Services.

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,[15] to assist schools with an effective mechanism to manage daily activities. The school management system allows easy and centralised access to student information such as schedules, report cards, attendance, grades, and extracurricular activities, as well as teacher information. Through the system teachers and parents can collaboratively view students' progress. The system has been adopted by schools and universities across different countries, and has been downloaded more than 6,000 times.[16]
  • Virtusa facilitated setting up IT laboratories for 50 schools in the Uva province of Sri Lanka. The program was carried out in partnership with a local university in Sri Lanka.[17]
  • In 2010, the company leveraged its technology/QA expertise to support the One Laptop Per Child (OLPC) program.[18]
  • In the wake of the 2004 tsunami, its employees actively participated in the development of Sahana, an open-source disaster management system.

Offices

References
  1. "Virtusa's (VRTU) CEO Kris Canekeratneon on Q4 2018 Results - Earnings Call Transcript". Seekingalpha. Retrieved 2018-05-15.
  2. "Archived copy". Archived from the original on 2014-07-05. Retrieved 2017-01-17.CS1 maint: archived copy as title (link)
  3. "VirtusaPolaris in tune to achieve target of synergy revenue of $100 mn".
  4. "Baring Private Equity Asia to buy Virtusa for $ 2 b | Daily FT". www.ft.lk. Retrieved 2020-09-11.
  5. "Virtusa to be bought by Baring Private Equity Asia for US$2.0bn". EconomyNext. 2020-09-11. Retrieved 2020-09-11.
  6. Sep 11, Shilpa Phadnis / TNN /; 2020; Ist, 09:29. "Baring PE buys IT firm Virtusa for $2 billion - Times of India". The Times of India. Retrieved 2020-09-11.CS1 maint: numeric names: authors list (link)
  7. "Virtusa Acquires InSource".
  8. "Virtusa Completes ConVista Buy". Mergers & Acquisitions. Retrieved 2018-05-14.
  9. Brown, Rodney (Jul 5, 2011). "Virtusa buys ALaS Consulting for $28M". www.bizjournals.com. Retrieved 2018-05-14.
  10. "Virtusa Expands Infrastructure Management Services". Archived from the original on 2015-12-23.
  11. "IT giant Virtusa buys Polaris Consulting and Services". www.consultancy.uk. Retrieved 2018-05-14.
  12. "Virtusa Expands Digital Engineering Capabilities with the Acquisition of eTouch". www.virtusa.com. March 12, 2018. Retrieved 2018-05-14.
  13. "Investor Sheet". Integrated Corporate Relations (ICR). Retrieved 29 Mar 2018.
  14. "Worldwide Locations". Virtusa.com. Retrieved 16 Apr 2015.
  15. "Virtusa introduces software solution for school management". www.sundaytimes.lk. Retrieved 2018-05-14.
  16. "Virtusa Wins 2012 Witsa Global". Archived from the original on 2013-10-20.
  17. "Virtusa supports 50 rural schools – Press Releases on". The Sunday Times. 2010-07-29.
  18. "Virtusa supports One Laptop per Child Program – Press Releases on". Csrwire.com.
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