The momentum we gained exiting fiscal year 2010 continued into our first quarter fiscal 2011 as evidenced by our strong revenue growth. We are pleased with our performance in the first quarter, which showed increased demand for our solutions and service offerings. Clients continue to spend on IT rationalization initiatives to improve efficiencies and time to market. Today, these savings are being reinvested to fund growth initiatives, and our solutions-led, consultative platforming approach enables us to capture opportunities across a broad range of programs.
Our rapidly growing practices continue to innovate and deliver high impact business value for our clients. In the last quarter, we introduced a new enterprise content management (ECM) offering, the Media Convergence Solution Accelerator. The offering is a truly proven approach that packages the best practices we've developed with some of the biggest media companies and gives customers more than 20 practical tools to replicate that success, which helped one of our clients to deliver a high quality website with enhanced social media features. Our teams would be happy to discuss how this offering can be applied to your business.
We are delighted to receive two exceptional awards over the summer reinforcing our growing leadership as a leading IT services company. Virtusa won the Gold Award for HR Practices at the HRM Awards 2010 - Super 10 conducted by Sri Lanka Association of Human Resource Professionals (HRP) and Hewitt Associates India and recently named in the 2010 Global Services 100 (GS100) list conducted by Global Services in association with NeoAdvisory.
We look forward to continued success together.
Sincerely,
Kris Canekeratne
Chairman and CEO
Key Offering
Virtusa's HIPAA 5010 Migration and Testing Offering
The Centers for Medicare and Medicaid Services (CMS) has mandated that healthcare services organizations achieve HIPAA 5010 compliance by January 1, 2012. However, multiple intermediate milestones also have to be met and healthcare organizations face significant challenges on the path to compliance.
Virtusa has developed a HIPAA 5010 migration and testing framework on the Pegasystems’ PRPC platform that will allow healthcare providers and payers to validate and test their internal HIPAA implementations to ensure that they have a high degree of confidence going into the Trading Partner Testing phase in 2011.
FY 2009-2010 was an exciting year for BPM solutions team at Virtusa. The team lived up to its commitment and rolled out multiple solutions across three categories – Enterprise, Technology and Consulting. These solutions have, and would continue to, add value to Virtusa’s customers by providing them an insight into the adoption of BPM technology, and the best practices that act as a guideline during BPM implementations.
Business Process Competency Center (BPCC) was one of the key initiatives taken by Virtusa during the last financial year. BPCC helps enterprises improve their operational efficiency by rationalizing, consolidating and reusing IT and Process assets of an organization. Virtusa, along with Pega Systems, did a webinar for its customers and partners on May 19th, where we showcased Virtusa’s ability to deploy BPCC on a cloud, thereby getting enabled on Pega’s SmartPaaS suite.
As organizations rationalize their IT spend, moving existing solutions on the cloud is fast becoming an indispensible part of the business strategy. Cloud based solutions accelerates the time-to-market since they are available on a need-be basis. The pay-as-you-use model reduces the cost and provides greater return on organization’s IT spend. The flexibility to scale and reduction in total cost of ownership are the immediate benefits gained from the shift to cloud.
Virtusa’s cloud services enable organizations to evaluate and develop a roadmap to move existing ECM infrastructure & applications to cloud. By demoing various ECM products and solutions on the cloud, Virtusa provides organizations the ability to evaluate and try out the software & solutions on cloud before purchasing them. Organizations can now realize two-fold benefit of reduced cost and quicker ROI by adopting Virtusa’s cloud based ECM solutions, while mitigating the business risk of undertaking an ECM solution implementation not aligned to business needs.
Contact us for more details on how Virtusa’s cloud offerings can help your organization reduce ECM costs and go-to-market quicker.
Awards
HRM Awards 2010 - Super 10
Virtusa won the Gold Award for HR Practices at the HRM Awards 2010 – Super 10 conducted by Sri Lanka Association of Human Resource Professionals (HRP) and Hewitt Associates India. Virtusa also won a special recognition award for the company Performance Management Process.
2010 Global Services 100 (GS100)
Virtusa has been named in 2010 Global Services 100 (GS100). The exhaustive survey was conducted by Global Services in association with NeoAdvisory, a globalization and sourcing advisory firm. Companies were evaluated across various criteria including Management Excellence, Customer Maturity, Global Delivery Maturity and Breadth of Services Portfolio.
Virtusa Launches Media Convergence Solution Accelerator
Virtusa Corporation introduced its new enterprise content management (ECM) offering, the Media Convergence Solution Accelerator. Modeled after Virtusa’s success in implementing interactive Web platforms for the world’s leading media brands, the new service combines best practices consulting with proven technology components to ensure a consistent, branded user experience that optimizes revenue generation opportunities.
IT services company Virtusa has launched its managed application services business to improve revenue and profit growth. The company will target existing customers across the banking and financial institutions, telecom and manufacturing verticals
Developing a Cost-effective Mobile Content-delivery Platform
With over 20% of mobile phones enabled with Internet by 2011, smart phones are becoming the new frontier for digital content and center stage of a thriving new mobile content economy. It is estimated that US businesses will spend close to $12bn to develop mobile applications by 2012. The need for enterprises to adopt mobile strategy can be no more evident.
The pace of Economic changes and sweeping impact of globalization is severely impacting every company. Extreme competition and virtual elimination of barriers for a new entrant to capture the markets are causing every CXO to be on alert all the time. The winds of change are blowing faster than ever and the need for adapting to change is far greater than ever. No company can rest on the laurels of yesteryears.
Virtusa Unveils BPM CoE Solution Built on Pegasystems' SmartPaaS
In the webinar, Pegasystems' Ben Frenkel, Principal, PaaS Commercialization and and Virtusa's Global BPM Practice Leader, Vinaykumar S. Mummigatti discussed how Virtusa has leveraged SmartPaaS to build and deliver their Business Process Competency Center (BPCC) solution as a SaaS offering.
For those organizations looking for a tangible, low cost, ready to use COE complete with assets and functional modules, SmartPaas BPCC can be turned on today. For a private Webinar to learn how the SmartPaas BPCC might work for your organization please email Tyler Stowell.
Virtusa Showcases Insurance Solutions at ACORD LOMA
With the booth theme of “Winning Partnership”, Virtusa was able to effectively position itself as a company that has the expertise and the experience to be a trusted partner, to Insurance carriers, in their technology needs lifecycle. One of the key highlight was the “Long Drive Golf” contest at our booth, with many of the visitors returning back to our booth for taking a shot!
Virtusa's BPM Breakfast Briefing, London, UK
This session offered insights into the subtle issues that determine success and failure of BPM initiatives. By attending this session you will understand the role of education, training, business case development, governance, IT/business alignment, proper technology selection, and many other factors that are critical to BPM projects realizing their full potential.
Virtusa recently conducted an educational seminar featuring Pascal Matzke, Vice President and Principal Analyst with Forrester Research, speaking on the Future of IT Services which included a customer case study presented by an actual BPM client. We also presented the benefits of building tomorrow’s applications with BPM technologies.
Virtusa is a Platinum Sponsor at BPM in Action Virtual Conference
Virtusa was a Platinum sponsor in the fifth annual BPM in Action virtual conference. The event focused on the most cutting edge market developments in BPM and what they mean to the enterprise. Virtusa also sponsored Elise Olding’s (Research Director, Gartner) opening keynote presentation which focused on the importance of having a business process competency center. Doug Mow, Sr. Vice President, Virtusa Corporation, followed her presentation with a focus on how to improve your odds of BPM success and what some of the risks are and how to avoid them.
Upcoming Events
Life at Virtusa
Employee Delight Initiatives - Key to Virtusa's Success
Internal branding is a key part of our corporate objectives and strategies in ensuring employee delight. We have observed that it offers long term benefits including high employee morale, strong team bonding and camaraderie, low attrition levels, opportunity for attracting good talent through word of mouth and higher business profitability. A happy employee will lead to a delighted customer.
Virtusa has always been the place where employees enjoy working, thanks to a series of employee delight programs that were conducted almost round the clock.
Voice of Virtusa - The grand finale of Virtusa’s singing competition was held on 8th July, 2010. Voice of Virtusa’ was open to all Virtusans and was aimed at showcasing their singing talent. Many enthusiastic employees participated wholeheartedly in the competition, making it really tough for judges to select the winners.
FIFA World Cup 2010 Fever was celebrated with decorations including posters & standees, daily online football quiz, playing football theme songs and screening of select football matches. Also goal posts were in the premises for the employees to take their best shot. A Football Tournament was conducted for all the FIFA lovers including men and women. 18 Teams participated in the tournament making it a grand and tough tournament. The finals were held on 10th & 11th July, 2010. There was also an online Football Quiz around FIFA WC 2010 Fever open for all Virtusans.
Corporate Social Responsibility
2010 Virtusa Environment Day
Virtusa celebrated 2010 Environment Day with an aim to create awareness across all regions of operations by uniting its employees to conserve the diversity of life on the planet and educating them on the current status of environmental biodiversity. Themed, “Save Species. Save Planet. Save Future”, the Virtusa Environment Day is a program under the Virtusa Code Green banner and supported the World Environment Day (WED) of the United Nations Environment Programme (UNEP).
As part of the pre-event activities, many competitions like debates, Flickr photography, video, drawing/painting competitions were organized. The competitions were open to Virtusans and their children. However, in the case of the Flickr photography competition, the public was invited to participate as well.
On the day itself, each Advanced Technology Center (ATC) in the different geographic locations organized separate activities.
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About Virtusa
Virtusa provides end-to-end information technology (IT) services to Global 2000 companies. These services, which include IT consulting, application maintenance, development, systems integration and managed services, leverage a unique Platforming methodology that transforms clients’ businesses through IT rationalization. Virtusa helps customers accelerate business outcomes by consolidating, rationalizing and modernizing their core customer facing processes into one or more core systems.
Virtusa delivers cost-effective solutions through a global delivery model, applying advanced methods such as Agile and Accelerated Solution Design to ensure that its solutions always meet the clients’ exact requirements. As a result, its clients simultaneously reduce their IT operations cost while increasing their ability to meet changing business needs.
Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in the North America, Europe and Asia.
