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| Sunday, 20 June 2004 |
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| News Business Features Editorial
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US $ 20 Million for Virtusa's worldwide expansion by Hiran H.Senewiratne The Sri Lankan owned global provider of software development and Information Technology related services company, Virtusa Corporation has announced that it would raise US $20 million for the expansion of worldwide sales and marketing and other collaboration and technology capabilities. With its global network, Virtusa has established overseas employment assignments to many Sri Lankans which has achieved a spectacular 75 per cent year-on-year growth during the year ended March 31, 2004 posting eleven consecutive Quarter on Quarter growth. "As a company which has demonstrated stability, predictability and flexibility of its business model we are delighted at the level of capabilities of Sri Lankans we have employed," Kris Canekeratne Chairman/CEO of Virtusa said . "At any given time, 15 per cent of the company's staff is in the US on jobs," he told a news conference recently. The company is looking forward to increasing the number of software engineers in Sri Lanka to 900 from the present 600 by the end of this year Canekeratne said. Virtusa sought an additional US $ 20 million in venture capital having a strong balance sheet, the Chairman said. The funding raised will further strengthen the balance sheet and ensure greater flexibility and freedom, he added. The additional funds raised will be used as working capital for global expansion and infrastructure development, he added. Our main clients are billion dollar companies in US including Bank One,which is the sixth largest bank in America , and Edna Insurance company, he said answering a question on how the economic and political environment had effected Virusa's operations in Sri Lanka, Cankeratne said that it was an apolitical company having gone through two governments and now a third. "Every government recognised the fact that we have our software services outside the country. All our clients and revenue comes form the USA," he said. So as a company we have been impervious to government and economic changes over the past seven years. He said the company's sophisticated infrastructure, required capital investment. With the participation of existing investors Sigma Partners Charles River Ventures and Globespan Capital Partners, Focuus Ventures led the round to raise the venture capital for Virusa, a company funded in 1996 with its headquarters in Massachusetts, USA. |
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