Financial Daily from THE HINDU group of publications
Saturday, Feb 25, 2006
Financial Daily from THE HINDU group of publications Saturday, Feb 25, 2006 |
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Info-Tech
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Software Virtusa plans $22-m expansion V. Rishi Kumar
Hyderabad , Feb. 24 VIRTUSA Corporation, technology solutions provider, expects to pump in about $22 million next fiscal in expansion across its two global development-cum-delivery centres based in Hyderabad and Chennai. The company has completed five years in India and is extremely bullish on its Indian operations which it expects to double in 18 months. The Chairman and Chief Executive Officer, Virtusa Corporation, Mr Kris Canekeratne, told Business Line that company had grown to 2600 people, building on a compounded annual growth rate of 50 per cent. The company has acquired seven acres in Hyderabad and is planning to develop a campus to host about 5,000 people. The $22-million capex planned does not cover the investments in the campus. On a visit to India, Mr Canekeratne, said that the company managed to tap into new opportunities in the last 12 months and put the company in a high growth path. After the company set up its European operations out of the UK, within 18 months, it has garnered about 20 per cent of the company's business. "Apart from the US base, while the Hyderabad centre now hosts about 1,200 people, the Chennai centre has 300 people, and this is complemented by a 700-consultant facility based in Colombo. We expect to consolidate these two locations in India," Mr Canekaratne said. About 20 per cent of the workforce was on site. The General Manager, Virtusa India operations, Mr Santanu Paul, said, "we are in the process of finalising plans for expansion and are exploring new areas to tap the market." Referring to opportunity for technology consulting services, Mr Canekeratne said that there were very few companies that provided enterprises end-to-end product development and consulting services.
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