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Wednesday, 28 August 2019 00:25 - - {{hitsCtrl.values.hits}}
By Charumini de Silva
Sparking innovationone sprint at a time, the US Nasdaq-listed Virtusa yesterday launched its new global brand, while setting out on its journey to reach $5 billion in revenue.
Virtusa, a global provider of digital strategy, engineering and IT solutions services with roots in Sri Lanka, unveiling its new brand said it reflected its future-focused outlook, combining business expertise, agile engineering mastery and a unique approach to innovate digital transformation.
“It is a very bold point of view on something that is so unique for engineering — if you really look closely at it, it’s a spark. It is a spark of innovation and imagination,” Virtusa Chairman and CEO Kris Canekeratne said via an audio visual message in Colombo.
Accordingly, he said anyone could spot the ‘spark’ between the “i” and “r” in the brand name. The new Virtusa ‘spark’ represents the potential, discovery, innovation and breakthroughs that are fuelled by collaboration among talented engineers.
“Spark is what really makes Virtusa unique today,” Canekeratne asserted.
He said Virtusa achieved unparalleled digital engineering velocity through agile teams empowered by smart tools, accelerators, gamification and the motivation to win. “We deliver measurably better digital engineering through a culture of cooperative disruption and high performance engineering meritocracy that rewards innovation,” Canekeratne added.
Executive Vice President, Chief Information Officer and General Manager MaduRatnayake said businesses today required transformational change at a scale and speed that defied traditional ways.
“The new brand really epitomises the value while bringing that spark of innovation and driving the re-imagination. Most companies are going into a complete re-imagination of how they do business driven by the 4.0 Industrial Revolution. Over the years, Virtusa has built competence and capabilities to harness and support that wave of change,” he added.
Giving a snapshot of where Virtusa stands today and how it takes on the market and support its clients, Ratnayake said the company was setting out on a journey to reach $5 billion from $1 billion.
“Today we are valued at a little over $1 billion in market capitalisation with revenue of over $1.02 billion. We are very proud of the fact that we have been growing at 22% CAGR over the past 10 years. It is a tremendous achievement and showcases our resonance with partners and our ability to deliver services to our clients in a consistent and profound way. We are very proud of that journey,” Ratnayake stressed.
Armed with 21,145 domain experts across industries in more than 50 offices in 22 countries including North America, Europe and Asia, Virtusa has a proven track record in delivering digital transformation for clients.
While Banking and Financial Services remains the largest industry, it also serves Insurance, Healthcare and Life Sciences, Telecom, Media, Information and Entertainment and Diversified sectors. Digital Business Strategy, Business Consulting, BPM, Digital, Cloud and Infrastructure, AI, Outsourcing and Testing, ERP and CRM are the areas in which it provides services.
Ratnayake also said that many digital engineering deliveries for Fortune 1000 global companies were completed at the Virtusa Colombo facility alongside the innovation lab for xLabs, which is also located in Colombo.
He noted that the consulting-led approach to drive business outcomes, use of innovation to drive business transformation, leverage platforming and agile techniques to accelerated time-to-value created world class enterprise software by leveraging rich engineering heritage, innovating and solving business problems through cutting edge technology solutions, accelerating business outcomes by seamlessly tying consulting with offshore delivery, transforming business using a unique platforming approach and solution accelerators, compelling useful and desirable user experience by applying design thinking principles and co-creating next generation domain solutions with partner ecosystems were the key differentiators that allowed Virtusa to deliver exceptional value.
“We apply domain and technology innovation to accelerate business outcomes for clients. The differentiators also helpus to work with the best technologies and companies as well as the best people on planet. The other big ecosystem that supports our growth is our new agepartners who are helping to transform their business,” he pointed out.
In Sri Lanka, Virtusa has continued its pioneering presence in the technology industry, having been among the country’s first wave of globally-competitive IT firms with a digital engineering manifesto. Since its founding, Virtusa has been instrumental in shaping the country’s technology landscape, nurturing top-tier professionals and spearheading the expansion of the industry through contributions to industry bodies and policy formulation.
