No, Virtusa is not a product based company. It is primarily a digital engineering based IT company providing services of IT consulting, business consulting to its clients worldwide. Although it develops certain platforms and bespoke solutions to customers, it is not a pure product company.
Here is a quick overview of Virtusa:
| Details | Info |
| Founded | 1996 |
| Founders | Kris Canekeratne, Tushara Canekeratne, John Gillis, Sandy Gillis |
| Headquarters | Southborough, Massachusetts, USA |
| CEO | Nitesh Banga |
| Industry | Information Technology Services |
| Services | Digital engineering, IT consulting, business consulting, application development |
| Revenue | US$1.8 Billion (2023) |
| Employees | 35,000+ (2023) |
| Parent Company | BPEA |
| Official Website | www.virtusa.com |
Company History
Virtusa was established in 1996 in Sri Lanka. Kris Canekeratne is one of the co-founders and who has been at the helm of the company over a long period. The company started out specializing in computer consultation and software services.
Virtusa was listed in the market in 2007 and increased its market operations in the United States, India, and Sri Lanka. It has over the years acquired other companies including Insource, ConVista Consulting, Polaris Consulting and eTouch Systems. These acquisitions were used to build the services of Virtusa in the areas of banking, financial services, and digital transformation.
Virtusa was sold privately again in 2021 to Baring Private Equity Asia at an estimated cost of 2 billion USD.
Current Status
Virtusa is a multinational IT service provider. It provides legacy systems, application development, engineering digitally and cloud services. The industries that the company serves include the banking, healthcare, telecom and insurance industry.
The key centers of delivery that Virtusa has are in Hyderabad, Chennai and Colombo. It has a workforce of over 35,000 across the globe. The firm has an annual revenue of approximately 1.8 billion dollars in the year 2023.
Although Virtusa is building a bespoke platform tailored to the customers, its business model primarily generates income in services contracts and consulting. This renders it a service based company as opposed to a product based company.
Future Outlook
Virtusa focuses on expanding its digital engineering and cloud. The company keeps buying technology companies to increase its international reach. It will pay more attention to AI, automation, and the development of modern applications.
Virtusa has a great globally existing clients and stable growth, and it is likely to be among the top service based IT companies in the future.
