Virtusa Explained

Virtusa Corporation
Type:	Private^[1]
Industry:	Information technology services
Founders:	Kris Canekeratne Tushara Canekeratne John Gillis Sandy Gillis
Location City:	Southborough, Massachusetts
Area Served:	Worldwide
Key People:	Santosh Thomas (CEO)
Services:	Digital engineering, IT consulting, business consulting, application development, product development, legacy asset management
Revenue:	US$ 1.8 Billion (2023)
Net Income:	US$ 72 million (2023)
Assets:	US$ 1.337 billion (2020)
Equity:	US$ 397 million (2020)
Num Employees:	35,000 (2023)
Parent:	BPEA
Location Country:	United States
Footnotes:	^[2]

Virtusa Corporation is an American-based global information technology services company that provides digital engineering and technology services for companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. Virtusa's capabilities range across digital transformation, artificial intelligence, cloud computing, robotics, data analytics, and other technology consulting services to customers in 25+ countries in 50+ locations around the globe.

Virtusa is headquartered in Southborough, Massachusetts, with 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.^[3]

History

Virtusa was co-founded in 1996 by Kris Canekeratne and served as the company’s chairman until his departure in 2021. He served as CEO from 1996-1997 and again from 2000-2021.Canekeratne stepped down as CEO in May 2021, and his seat as chairman of the board was filled by Sander van‘t Noordende.^[4]

The company went public in 2007.^[5]

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.^[6]
• In 2010, Virtusa acquired ConVista Consulting, LLC,^[7] 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,^{[7] [8]} 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.
• 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.^[9]
• In April 2015, Virtusa acquired 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 acquired eTouch Systems Corp. and eTouch Systems Pvt. Ltd.^[12]
• In September 2023, Virtusa acquired the Walnut Creek-headquartered creative agency, Factor Creative for an undisclosed amount.^[13]

Operations

On 29 March 2018, Virtusa had around 20,000 employees.^[14]

With offices throughout US, Europe and Asia, and advanced development centers in the United States, Europe and Asia.^[15]

Competition

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

Offices

• United States - Southborough, Massachusetts (corporate headquarters); Indianapolis, Indiana; New York, New York; Windsor, Connecticut
• Australia - Sydney, Melbourne
• Austria
• Canada - Toronto, Halifax
• Germany - Munich
• Hungary - Budapest
• India - Mumbai, Pune, Hyderabad, Chennai, Bangalore, Coimbatore, Gurgaon.
• Malaysia - Kuala Lumpur
• Netherlands - Amsterdam, The Hague
• Philippines - Taguig City
• Qatar - Doha
• Singapore
• Sri Lanka - Colombo
• Sweden - Stockholm, Gothenburg
• Switzerland - Zurich
• United Kingdom - London
• United Arab Emirates - Dubai

External links

• Google Finance Profile
• Q&A with Krishan A. Canekeratne, Former C.E.O, Virtusa Corp

Notes and References

1. Web site: Baring Private Equity Asia Completes Acquisition of Virtusa. 11 February 2021.
2. Web site: Virtusa Corporation 2019 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
3. Baring Private Equity Asia Completes Acquisition of Virtusa . . February 11, 2021.
4. Web site: Novinson . Michael . 2021-05-07 . Virtusa Founder, CEO Kris Canekeratne To Exit After 25-Year Run . 2023-11-11 . CRN . en.
5. Web site: 29 October 2015 . Virtusa Gives JPMorgan, Other Clients Tech Edge . 13 August 2024 . nasdaq.com.
6. News: Acquisition For Virtusa . . November 6, 2009.
7. News: Virtusa Completes ConVista Buy. Mergers & Acquisitions. 2018-05-14. en.
8. Web site: Virtusa buys ALaS Consulting for $28M. Brown. Rodney. Jul 5, 2011. www.bizjournals.com. 2018-05-14.
9. News: Virtusa expands Europe ops with TradeTech buyout . . January 13, 2014 .
10. Virtusa Expands Infrastructure Management Services with the Acquisition of Apparatus . Virtusa . April 1, 2015.
11. Web site: IT giant Virtusa buys Polaris Consulting and Services. www.consultancy.uk. 6 November 2015. en. 2018-05-14.
12. Web site: Virtusa to acquire data security solutions provider . 2024-08-13 . www.spglobal.com . en-us.
13. Web site: FinSMEs . 2023-09-11 . Virtusa Acquires Factor Creative . 2024-08-13 . FinSMEs . en-US.
14. News: Investor Sheet. The Economic Times. Integrated Corporate Relations (ICR). 29 Mar 2018. Mendonca. Jochelle.
15. Web site: Worldwide Locations . Virtusa.com . 16 Apr 2015.