Financial Daily from THE HINDU group of publications
Friday, Feb 13, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 13, 2004 |
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Info-Tech
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Off-shore Development Virtusa sets up centre in Chennai Our Bureau
Chennai , Feb. 12 VIRTUSA Inc, a US-based software services provider, has set up its third development centre in India at Chennai. The other two are functional at Hyderabad. According to Mr Kris Canekeratne, Chairman and CEO, Virtusa: "This would mean an investment of $5 million in the Chennai operations over the next 12 months." The company intends to employ about 600 people in that period. He added: " Last year, 10 per cent of our manpower was from campuses. This year, we see that figure between 15 and 20 per cent." The company's current manpower strength is 1,800, of which 1,100 are in India. He said, "Our profit margins have grown even though pricing has stayed flat. Revenues have grown 75 per cent in the recently ended fiscal." Since its inception seven years ago, the company has raised $40 million in venture capital funds.
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