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Virtusa

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Virtusa Corporation
Company typePrivate[1]
IndustryInformation technology services
Founded1996; 28 years ago (1996)
FoundersKris Canekeratne
Tushara Canekeratne
John Gillis
Sandy Gillis
Headquarters
Southborough, Massachusetts
,
United States
Area served
Worldwide
Key people
Santosh Thomas (CEO)
ServicesDigital engineering, IT consulting, business consulting, application development, product development, legacy asset management
RevenueIncrease US$ 1.8 Billion (2023)
Increase US$ 72 million (2023)
Total assetsIncrease US$ 1.337 billion (2020)[2]
Total equityIncrease US$ 397 million (2020)[2]
Number of employees
Increase 35,000 (2023)[2]
ParentBPEA[2]
Websitewww.virtusa.com
Footnotes / references
[2]
Virtusa at Orion City Sri Lanka

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]

Operations

On 29 March 2018, Virtusa had around 20,000 employees.[15]

With offices throughout US, Europe and Asia, and advanced development centers in the United States, Europe and Asia.[16]

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

References

  1. ^ "Baring Private Equity Asia Completes Acquisition of Virtusa". 11 February 2021.
  2. ^ a b c d e "Virtusa Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ Kovar, Joseph F. "Virtusa To Be Acquired In $2 Billion Private Equity Play | CRN". www.crn.com. Retrieved 2024-09-16.
  4. ^ Novinson, Michael (2021-05-07). "Virtusa Founder, CEO Kris Canekeratne To Exit After 25-Year Run". CRN. Retrieved 2023-11-11.
  5. ^ "Virtusa Gives JPMorgan, Other Clients Tech Edge". nasdaq.com. 29 October 2015. Retrieved 13 August 2024.
  6. ^ "Acquisition For Virtusa". American City Business Journals. November 6, 2009.
  7. ^ a b "Virtusa Completes ConVista Buy". Mergers & Acquisitions. Retrieved 2018-05-14.
  8. ^ Brown, Rodney (Jul 5, 2011). "Virtusa buys ALaS Consulting for $28M". www.bizjournals.com. Retrieved 2018-05-14.
  9. ^ MarketScreener (2013-11-04). "Virtusa Corp. acquired substantially all of the assets of OSB Consulting LLC for approximately $13 million. - MarketScreener". www.marketscreener.com. Retrieved 2024-10-04.
  10. ^ "Virtusa expands Europe ops with TradeTech buyout". Business Standard. January 13, 2014.
  11. ^ "Westborough's Virtusa acquires Apparatus Inc". Worcester Business Journal. Retrieved 2024-09-16.
  12. ^ "IT giant Virtusa buys Polaris Consulting and Services". www.consultancy.uk. 6 November 2015. Retrieved 2018-05-14.
  13. ^ "Virtusa to acquire data security solutions provider". www.spglobal.com. Retrieved 2024-08-13.
  14. ^ FinSMEs (2023-09-11). "Virtusa Acquires Factor Creative". FinSMEs. Retrieved 2024-08-13.
  15. ^ Mendonca, Jochelle. "Investor Sheet". The Economic Times. Integrated Corporate Relations (ICR). Retrieved 29 Mar 2018.
  16. ^ "Worldwide Locations". Virtusa.com. Retrieved 16 Apr 2015.
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