Virtusa Named to Deloitte’s Technology Fast 500 List of Fastest Growing Companies

 

Hyderabad|India|October'2009: Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers a broad spectrum of business consulting, IT services and IT outsourcing, today announced that it has been named to Technology Fast 500TM, Deloitte LLP’s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This marks Virtusa’s inclusion on the list for the second time in three years. Rankings are based on percentage of fiscal year revenue growth during the five year period from 2004–2008.

“Virtusa’s inclusion in the Deloitte Technology Fast 500 speaks volumes about not only our corporate culture and leadership, but also our ability to deliver IT solutions that provide positive business outcomes for customers,” commented Kris Canekeratne, Chairman and CEO at Virtusa. “Today’s business environment demands agile, efficient, and cost-effective lean IT solutions. Our growth is a direct result of our ability to deliver business solutions that meet and exceed our customers’ goals and objectives.”

“Technology Fast 500™ recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth,” said Phil Asmundson, Vice Chairman and U.S. Technology, Media and Telecommunications leader, Deloitte LLP. “We congratulate Virtusa on this accomplishment.”

“With its impressive five-year growth, Virtusa has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America,” said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. “Deloitte is proud to honor Virtusa for its achievement.”

In September, Virtusa ranked as one of the Boston Business Journal’s “100 Fastest Growing Public Companies” in the Boston area. The company also recently earned a spot on Everything Channel’s Fast Growth 100 list for the fastest growing integrators in the IT industry.

Virtusa delivers reduced costs, increased agility and a superior customer experience through its portfolio of IT services that includes enterprise content management (ECM), business process management (BPM), and data warehousing and business intelligence (BI). A constant innovator, Virtusa’s BPM solutions suite includes its recently announced BPM Acceleration Methodology and Business Process Competency Center, which ensure the consistent success of BPM initiatives across the customer enterprise. By approaching BPM with a holistic focus on customers’ core business processes and reusing existing IT assets, Virtusa helps customers streamline operations and eliminate unnecessary costs.

Technology Fast 500™ Selection and Qualifying Criteria
Technology Fast 500™ provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500™ website, and public company database research conducted by Deloitte. Technology Fast 500™ award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.

In order to be eligible for Technology Fast 500™ recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.

Technology Fast 500™ award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.