Virtusa expects to hire in Sri Lanka as revenues move to a billion dollars
ECONOMYNEXT – Virtusa Corporation, an information technology services company which has a 3,000 person at a centre in Sri Lanka said sales are expected to grow 18 percent to 1.018 billion US dollars in the year to March 2018 after the purchase of an India based company.
Kris Canekeratne, Chairman of Nasdaq listed Virtusa said has grown 18 percent compared to an industry average of about 6 percent. About 60 percent of its revenues comes from USA, about 25 percent from EU and UK and 10 percent from other countries.
He said in the December quarter revenues grew 21.3 percent from a year earlier to 263.8 million dollars.
Most of its business comes from serving banking, financial services and insurance customers, communications and technology grew
Canekeratne said the firm was seeing more business coming from companies setting up and improving digital storefronts.
Virtusa bought India based Polaris for around 470 million dollars which brought more customers and staff, which has just been de-listed from Bombay Stock Exchange.
Virtusa employs about 3,000 software engineers in Colombo and expect to hire more people this year.
Staff growth usually follows at the same pace as revenues, Canekeratne said.
Chief Operating Officer Keith Modder said they provided a ‘gamified’ environment where staff was evaluated real time and was made available to them.
Virtusa Corporation employs about 20,000 people with a quarter of them in client locations.
In addition to Colombo it also has staff in India, especially after the acquisition of Polaris. The volume of work with Polaris clients has started to grow fast after the acquisition, Canekeratne said.
Over the last 12-months it had hired about 6,000 people with business growing 30 percent, or about 7,500 when counting for attrition. (Colombo/Feb14/2018)