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| Sunday, 2 November 2003 |
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Business |  |
| News Business Features Editorial
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Virtusa plans to invest us$ 7m by Pelham Juriansz Virtusa Corporation, a US-based provider of high-end software engineering services, has announced the appointment of Paula Cassidy as its Vice President of Human Resources. Virtusa (formerly e-Runway), headed by CEO Kris Canekeratne, recently recorded its ninth sequential quarter of revenue growth. Canekeratne said they are pleased to welcome Cassidy to the global HR team. "She will be responsible for scaling our HR infrastructure," he said. The company had posted 36 per cent sequential quarter-on-quarter growth for the quarter ended September 30, 2003. The company hopes to invest seven to eight million US dollars to expand the infrastructure in its Colombo installation. Canekeratne said Virtusa's growth is a result of its products, the top-tier employee base and focus on execution. "While 90 per cent of our revenue comes from existing clients, Virtusa was selected by some of the world's leading Global 2000 enterprises and product developers seeking to increase software engineering efficiencies. Virtusa has added eight new clients during the last quarter," he added. New client acquisitions continued to be a strong growth driver during the fiscal year, with over 20 new clients entering multi-year revenue relationships with Virtusa. Canekeratne said the majority of the company's clients are from the United States. It is very focused on building products for its clients, some of whom earn up to US$ 6-10 million. Some of its largest clients in the US are industrial leaders such as Bank One Corporation, which is the sixth largest bank in the US, Siemens, Shaw's Supermarkets and Pegasystems. |
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