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| Sunday, 13 July 2003 |
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Virtusa announces record growth by Pelham Juriansz Virtusa Corporation (formerly e-Runway), headed by Kris Canekeratne, has recorded its ninth sequential quarter of revenue growth. The company, which will be celebrating its seventh year in business this September, announced that its revenues for the fiscal year ending March 31, 2003 increased by 50 per cent. Virtusa, a pioneer in outsourced high-end software engineering services, also registered its best ever quarter during the past 12 months. Over 80 per cent of its revenue during the fiscal year came from existing clients while new client acquisitions continued to be a strong growth driver during the fiscal year, with over 20 new clients forming multi-year revenue relationships with Virtusa. As a result of these financial gains, Chairman and CEO Canekeratne said the company has decided to invest seven to eight million US dollars in expanding the infrastructure in its Colombo office. According to Canekeratne, the majority of Virtusa's clients are from the United States and the company is focused on building products for its clients. It deals with clients with revenues of up to US$ 5-10 million. Some of its US clients are industrial leaders such as Bank One Corporation, which is the sixth largest bank in the US, Siemens, Shaw's Supermarkets and Pegasystems. It continues to attract clients from a broad spectrum including retail, financial services, telecommunication and high technology and independent software vendors. "The name of the company was changed from e-Runway to Virtusa because in the US, companies starting with 'e' are not very popular. 'Virtusa' has a Latin base and can be termed as "excellence". We did some soul searching and came up with this name," said Canekeratne. Virtusa specialises in building mission-critical software platforms and products. "Virtusa has always focused on systematically increasing software engineering productivity, mitigating technological risks and building future-proof technological platforms for clients. Our growth is directly attributable to our business model, service quality and the dedication and devotion of our employees. We are optimistic about the future, based on the growing list of clients and strong revenue momentum," Canekeratne concluded. |
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