FY08 was an outstanding year and one that will have a special place in our history. During the year, we signed a significant IT services agreement with British Telecom, completed a very successful IPO and signed a record number of new clients. Our financial results were equally outstanding. For the full fiscal year ending March 31st, 2008, revenue was $165.2 million, 33% higher than fiscal year 2007, and operating profit was $19.4 million, 37% higher year-over-year. All of this was made possible by our global team members and their dedication to providing outstanding service to our clients.
In this issue, we highlight two of our rapidly growing practices that contributed to this success. The first is a case study for a major health insurance claims processor, who leveraged our business process management (BPM) practice to streamline and automate its dental claims processing service. The project yielded dramatic improvements in the first pass success rate for claims, so much so that our client featured this project success in its just-published annual report.
The second is a new white paper from our agile software development practice highlighting our Agile Suitability Assessment tool. We are very pleased to note that over a third of our client projects are actually using agile development techniques with our global delivery model. The combination of the two yields very powerful results, enhancing our clients’ IT agility and efficiency at the same time.
I want to personally thank all our clients for helping us achieve these major milestones in our evolution towards becoming the leading provider of next-generation IT services. We look forward to continued success together.
Yours,
Kris Canekeratne Chairman and CEO
Point of View - Assessing Fit for Agile Development in Global Delivery Engagements
Agile software development is receiving increasing attention from information technology (IT) organizations globally. With its emphasis on lightweight processes, high-quality deliverables, flexibility to deal with changing business priorities, short delivery cycles, higher team morale, and a host of other
benefits, agile development offers a fresh approach to businesses seeking greater agility in their software engineering processes.
While agile development aims to increase collaboration and communication, our experience indicates that it is no silver bullet for the ills of enterprise application development. While agile practices deliver significant advantages when applied in the right context, at the same time they also contribute to notable failures when implemented in the wrong context. And so, identifying the right conditions for agile development is perhaps the critical success factor in its use.
Is agile development suitable for your project? This paper describes Virtusa’s Agile Suitability Assessment tool for deciding whether a project using the global delivery model is suitable for agile development.
Analyst Viewpoint - Independent Research Firm Highlights Virtusa In Midtier Provider Report
Forrester Research, Inc., the leading independent technology and market research company,
has highlighted Virtusa in a publication released April 14th, 2008.
Virtusa Co-Sponsors BT Team to Raise Funds for NSPCC
Virtusa UK Ltd is co-sponsoring a British Telecom (BT) fitness team, together with Elmy Cycles, Ipswich, with a target of raising £20,000 from corporate and individual sponsors for the National Society for the Prevention of Cruelty to Children (NSPCC).
Business Process Management: A Hot Area That's Still Immature
Business process management, or BPM, is one extremely hot area for vendors and IT consultants. This far-reaching and complex concept is a combination of IT governance, business-activity monitoring, architecture and application integration, workflow management and process modeling techniques. See further feedback on the BPM survey conducted by Virtusa and PRTM.
Virtusa's Dev Worah Shares RIA Expertise at AJAXWorld 2008
Dev Worah, Virtusa’s Director of Technology for Financial Services (FS), spoke on Rich Internet Applications at AJAXWorld 2008 East in New York in March.
The session was titled "Creating Agile Business Solutions in Financial Services using RIAs & Other Emerging Technologies." Dev has been at the forefront of employing advanced technologies, such as SOA, Web 2.0, BPM, RIA, AJAX and CEP, for top financial services firms over the past 13 years.
As Director of Technology for Financial Services, Dev provides technology direction to the FS teams, developing partnerships and providing leadership and vision into technology trends.
Virtusa VP Banking, Financial Services and Insurance, Tom Kneubeuhl has authored an article on Transforming Application Development, published in the Q4 2007 issue of FSO Magazine. “The market is ripe for BPM applications for many reasons and BPO firms need to take note”, the author states.
Virtusa has been ranked # 252 on the 2008 VARBusiness 500 list. The VARBusiness 500 awards acknowledge the top-placed firms in North America that help corporations and institutions best apply IT strategies and systems.
"Virtusa" is a trademark of the company and is a registered trademark in the US, European Union (EU) and in India.
"Productization" is a service mark of the company and a registered service mark in the United States.
