Virtusa gets $20 M funding

By SiliconIndia   |   Thursday, 29 April 2004, 07:00 Hrs
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HYDERABAD: Software development and services provider, Virtusa Corporation has raised $20 million in its Series D round of financing. Focus Ventures led the round that also included participation from existing investors Sigma Partners, Charles River Ventures and Globespan Capital Partners.

"The proceeds of this round will be used for general corporate purposes, global expansion and sales and marketing," said chairman and CEO of Virtusa Corp, Kris Canekeratne. "Virtusa has made excellent progress. We grew revenue by 74 percent with profitability in our 2004 fiscal year that ended March 31, 2004. Virtusa has posted eleven consecutive quarters of quarter over quarter growth demonstrating stability and predictability of its business model," he added.

Virtusa builds complex mission-critical solutions for its clients through a comprehensive array of software development and related IT services designed to increase IT efficiencies. Virtusa's Productization methodology unleashes the full potential of clients' software assets by consolidating disparate software assets and applications into one or more organization specific software platforms.

These platforms are then shared across several lines of business and vertical markets to immediately reduce total cost of ownership (TCO), reduce time-to-market, and accelerate revenue creation.

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