Virtusa

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Virtusa Corporation
TypeSubsidiary of Baring Private Equity Asia
IndustryInformation technology services
Founded1996; 25 years ago (1996) in 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
Key people
Santosh Thomas (CEO)
Kris Canekeratne (Former CEO)
ServicesIT consulting, business consulting, application development, product development, legacy asset management
RevenueIncrease $1.312 billion (2020)[1]
Increase $43 million (2020)[1]
Total assetsIncrease $1.337 billion (2020)[1]
Total equityIncrease $397 million (2020)[1]
Number of employees
22,830 (March 31, 2020)[1]
Websitewww.virtusa.com
Footnotes / references
[1]
Virtusa at Orion City Sri Lanka

Virtusa Corporation 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.

The company has several delivery centers in India and Sri Lanka with the ones in Hyderabad, Chennai and Colombo being the largest. In February 2021, Baring Private Equity Asia acquired the company for US$2 billion.[2]

Acquisitions[]

  • In November 2009, Virtusa acquired Insource for $7.3 million. Insource is a technology consulting company which specialized in the insurance and healthcare industries. InSource is based in Hartford, Connecticut.[3]
  • In 2010, Virtusa acquired ConVista Consulting, LLC,[4] 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,[4][5] 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.[citation needed]
  • In January 2014, Virtusa acquired 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.[6]
  • In April 2015, Virtusa acquired Apparatus, Inc.,[7] an IT infrastructure services provider headquartered in Indianapolis, Indiana, US.
  • In November 2015, Virtusa acquired a 53% stake in Polaris Consulting & Services Limited, India,[8] 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 acquired eTouch Systems Corp. and eTouch Systems Pvt. Ltd.[9]

Operations[]

On 29 March 2018, Virtusa had around 20,000 employees.[10]

Virtusa will have a global presence with offices throughout US, Europe and Asia, and advanced development centers in the United States, Europe and Asia.[11]

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,[12] 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.[13]
  • 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.[14]
  • In 2010, the company leveraged its technology/QA expertise to support the One Laptop Per Child (OLPC) program.[15]
  • 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. ^ Jump up to: a b c d e f "Virtusa Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Baring Private Equity Asia Completes Acquisition of Virtusa" (Press release). Business Wire. February 11, 2021.
  3. ^ "Acquisition For Virtusa". American City Business Journals. November 6, 2009.
  4. ^ Jump up to: a b "Virtusa Completes ConVista Buy". Mergers & Acquisitions. Retrieved 2018-05-14.
  5. ^ Brown, Rodney (Jul 5, 2011). "Virtusa buys ALaS Consulting for $28M". www.bizjournals.com. Retrieved 2018-05-14.
  6. ^ "Virtusa expands Europe ops with TradeTech buyout". Business Standard. January 13, 2014.
  7. ^ "Virtusa Expands Infrastructure Management Services with the Acquisition of Apparatus" (Press release). Virtusa. April 1, 2015.
  8. ^ "IT giant Virtusa buys Polaris Consulting and Services". www.consultancy.uk. Retrieved 2018-05-14.
  9. ^ "Virtusa Expands Digital Engineering Capabilities with the Acquisition of eTouch". www.virtusa.com. March 12, 2018. Retrieved 2018-05-14.
  10. ^ "Investor Sheet". Integrated Corporate Relations (ICR). Retrieved 29 Mar 2018.
  11. ^ "Worldwide Locations". Virtusa.com. Retrieved 16 Apr 2015.
  12. ^ "Virtusa introduces software solution for school management". www.sundaytimes.lk. Retrieved 2018-05-14.
  13. ^ "Virtusa Wins 2012 Witsa Global". Archived from the original on 2013-10-20.
  14. ^ "Virtusa supports 50 rural schools – Press Releases on". The Sunday Times. 2010-07-29.
  15. ^ "Virtusa supports One Laptop per Child Program – Press Releases on". Csrwire.com.

External links[]

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