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.^[9]
• 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.^[10]
• In April 2015, Virtusa acquired Apparatus, Inc., an IT infrastructure services provider headquartered in Indianapolis, Indiana, US.^[11]
• In November 2015, Virtusa acquired a 53% stake in Polaris Consulting & Services Limited, India,^[12] a provider of IT solutions primarily to banking and financial services.
• On 12 March 2018, Virtusa Corporation acquired eTouch Systems Corp. and eTouch Systems Pvt. Ltd.^[13]
• In September 2023, Virtusa acquired the Walnut Creek–headquartered creative agency, Factor Creative for an undisclosed amount.^[14]
• In February 2024, Virtusa acquired Bright, a Bulgaria-based IT services firm.^[15]
• In April 2024, Virtusa acquired ITMAGINATION, a Warsaw, Poland-based technology company.^[16]

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. Web site: Kovar . Joseph F. . Virtusa To Be Acquired In $2 Billion Private Equity Play CRN . 2024-09-16 . www.crn.com.
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. Web site: MarketScreener . 2013-11-04 . Virtusa Corp. acquired substantially all of the assets of OSB Consulting LLC for approximately $13 million. - MarketScreener . 2024-10-04 . www.marketscreener.com . en-US.
10. News: Virtusa expands Europe ops with TradeTech buyout . . January 13, 2014 .
11. Web site: Westborough's Virtusa acquires Apparatus Inc. . 2024-09-16 . Worcester Business Journal . en-US.
12. Web site: IT giant Virtusa buys Polaris Consulting and Services. www.consultancy.uk. 6 November 2015. en. 2018-05-14.
13. Web site: Virtusa to acquire data security solutions provider . 2024-08-13 . www.spglobal.com . en-us.
14. Web site: FinSMEs . 2023-09-11 . Virtusa Acquires Factor Creative . 2024-08-13 . FinSMEs . en-US.
15. Web site: Miteva . Mihaela . 12 February 2024 . US-based Virtusa acquires Bulgaria's Bright . 12 November 2024 . SeeNews.
16. Web site: 2024-04-04 . Virtusa announces acquisition of ITMAGINATION - AI-Tech Park . 2024-11-12 . en-US.