At Virtusa we accelerate business outcomes for our clients through our expert information technology consulting and outsourcing services. We support a wide variety of Forbes Global 2000 firms with services that span the entire spectrum of the IT services lifecycle. Our industry-leading solutions transform businesses not only for a better today, but also for a better future.
To inspire our global teams to deliver extraordinary results
Apply intellectual curiosity to reimagine better business outcomes for our clients
Protect our environment, honor our diversity and treat everyone with dignity
Take personal responsibility when things go awry and always ascribe success to the team
Offices in 19 countries
(USD) FY18 Revenue
CAGR Over 10 Years
Kris CanekeratneChairman and Chief Executive Officer
Kris A. Canekeratne, one of our co-founders, has served as chairman of our board of directors from our inception and chief executive officer from 1996 to 1997 and from 2000 to the present. As Chief Executive Officer, he plays a key role in defining the company strategy and using technology and innovation continuously to maintain its leadership in the industry. In 1997, Kris Canekeratne co-founded eDocs, Inc., a provider of electronic account management and customer care, later acquired by Oracle Corporation. In 1989, Kris Canekeratne was one of the founding team members of INSCI Corporation, a supplier of digital document repositories and integrated output management products and services and served as its senior vice president from 1992 to 1996. Canekeratne obtained his B.S. in Computer Science from Syracuse University.
Samir Dhir is the President of Virtusa Corporation, and is responsible for developing and executing Virtusa’s growth strategy and overall P&L management for all industry groups including sales, delivery, and operations. The industry group comprises Banking & Financial Services, Healthcare, Insurance and Lifesciences, Communications, Media, Information and Entertainment & Diversified industries. He is also a Board member of Virtusa Consulting Services.
He was earlier the President of the Banking and Financial Services business at Virtusa. He was instrumental in the acquisition and successful integration of Polaris Consulting & Services’ capabilities into Virtusa. Prior to this, as the Chief Delivery Officer, Samir led the global delivery organization at Virtusa. Samir is a key member of NASSCOM’s IT Services Council, initiated to sustain and grow global leadership in IT. Samir previously worked for Wipro Technologies where he managed delivery for technology, media, transportation and services business. He also led the SAP Practice and ran the managed services business. Prior to Wipro he held key leadership positions with Avaya and Lucent Technologies in the UK.
Samir received his MBA from the Warwick Business School, UK and holds a B.Tech from the Indian Institute of Technology, Roorkee.
Ranjan KaliaChief Financial Officer
Ranjan Kalia has served as our executive vice president, chief financial officer, treasurer and secretary since October 2008 and prior to his promotion, served as our senior vice president, finance when he joined us in April 2008. Prior to joining us, from 2000 to December 2007, Kalia served as Vice President, Finance Emerging Markets and International Development and Chief Financial Officer-Asia Pacific for EMC Corporation. Kalia received a Masters in Business Administration from Nichols College and an undergraduate degree from Delhi University, India.
Roger Keith ModderChief Operating Officer
Roger Keith Modder has been with Virtusa Corporation since 2001. Prior to his promotion as Chief Operating Officer, he served as President of Asian Operations and EVP Global Services. Prior to joining Virtusa Corporation, he worked for the John Keells Group where he simultaneously held the Managing Director/Chief Executive positions for an IT systems integrator and office automation company and has over 25 years of experience in the IT industry. He is also a government nominated member of the board of directors of Nanco, (a public-private partnership for nano technology initiatives in Sri Lanka) and a member of the National Council for Economic Development (IT/BPO cluster) in Sri Lanka.
Thomas R. HollerChief Strategy Officer
Thomas R. Holler has played a pivotal role in Virtusa Corporation’s journey. Prior to his promotion, he served various positions at Virtusa – Executive Vice President (Finance), Chief Financial Officer, Treasurer and Secretary since 2001. Before joining us, Holler was Chief Financial Officer and Vice President of Finance at Cerulean Technology Inc., a global supplier of wireless mobile applications and services which was later acquired by Aether Systems. Holler earned his B.S. in Business Administration from Wayne State University and his Masters in Business Administration from Northeastern University.
Sundararajan NarayananChief People Officer
Sundararajan (Sundar) Narayanan is Chief People Officer at Virtusa Corporation. In this role, he oversees talent acquisition, talent management, leadership development and global immigration. His focus is on building a digital ready people organization, rich in diversity and reflecting the strong cultural values of the organization. One of his core focus areas is to also create a strong internal ecosystem that can support the leadership needs of the organization.
Sundar has over 19 years of experience in human resources and related disciplines within the information technology industry. He has held senior leadership positions in global companies, spanning compensation & benefits, training, leadership development, employee relationship management, recruitment and business HR facilitation.
Sundar has successfully designed and implemented several change management and organization development related systems and processes. He has extensive experience in integrating and streamlining various people related practices and processes in performance management, career development and training. He is hands-on and data driven in his approach and builds on his learnings having worked in various countries.
Sundar holds a Bachelor’s degree in Computer Science with global certifications in HR.
Sanjeev GulatiSBU Head, Strategic Global Accounts & Asia Pacific Region, BFS
Sanjeev Gulati heads Strategic Accounts for Banking and Financial Services.
He is responsible for driving revenue growth and profitability of strategic accounts. Sanjeev has been playing this role since June 2013.
Sanjeev has had a 17 years long association with Polaris. Prior to his taking over the current role, he was head of the Americas business, responsible for all Business Development activities in Canada, USA, Mexico and South America.In an earlier stint from 2007 to 2011, Sanjeev was Global Account Director for Polaris’ largest Banking and Financial Services Client. Sanjeev led his team to more than doubling the business from this client in less than 4 years.
Sanjeev has a relentless focus on positively impacting business outcomes for customers. He is a strong believer in the power of collaboration across global cross-functional and multicultural teams. His core strengths include Business Strategy, Global Client Relationship Management and Commercials Management.
Prior to joining Polaris, Sanjeev worked with companies such as Madura Coats (Coats Viyella), National Grid and National Power (UK) in roles as diverse as Product Management, Consulting and Business Strategy.
Sanjeev has a Bachelor’s degree in Engineering from IIT Delhi and an MBA from Indian Institute of Management, Bangalore.
Sanjay DeshpandeExecutive Vice President & Head of Banking & Financial Services Business - Canada, UK & Continental Europe, Middle East & Africa
Sanjay DeshpandeExecutive Vice President & Head of Banking & Financial Services Business - Canada, UK & Continental Europe, Middle East & Africa
Sanjay heads the Banking & Financial Services business for Virtusa Corporation for Canada, UK & Continental Europe, Middle East & Africa. In his current role, he is responsible for overall P&L management, business growth strategy and execution across these markets.
With over 2 decades of his experience in the Financial Technology, Telecom and ICT space, Sanjay has successfully established and grown businesses across Americas, Europe, Asia Pacific, Middle East & Africa
In his previous role – Sanjay served as the Partner and Head of business development at Polaris for Americas & Europe prior to which he was the Chief Sales Officer for Polaris Americas where he successfully grew the business with the key clients across North America. Sanjay is also recognized for his significant contribution in establishing and growing Polaris’ Intellect suite of Universal Banking Products business (Intellectual Property) across Canada, Middle East & Africa.
Prior to joining Polaris in 2006 Sanjay worked with various organizations in the Information Communications Technology (ICT) space in the Indian Sub-continent & Middle East and also successfully established a Contact Center Technology Start-up for one of the leading conglomerates in the UAE.
He holds a Bachelor’s and Master’s Degree in Business Administration. He also has Certification from Yale University in Financial Markets.
Vasan SrinivasanSBU Head, Travel, Manufacturing & ISVs, and Global Head, New Business Development, Banking and Financial Services
Vasan SrinivasanSBU Head, Travel, Manufacturing & ISVs, and Global Head, New Business Development, Banking and Financial Services
Vasan heads Virtusa’s Strategic Business Unit that focuses on Diversified industry verticals like Travel (Transportation, Logistics, Leisure, and Hospitality), Discrete Manufacturing and Independent Software Vendors. He holds global responsibility for managing client relationships and defining strategy & solutions to drive business growth across the above mentioned industry verticals.
He is also accountable for New Business Development for Virtusa’s Banking and Financial Services business unit and for managing the portfolio of Emerging accounts in the US.
Vasan has a 35+ year track record of successfully growing services and product companies in the IT industry. Over the course of his career, Vasan has held sales and business leadership positions at FIS, EDS, Cap Gemini, and Birlasoft. Most recently he was the SBU Head for Virtusa’s North American BFS business, where he successfully turned around the trajectory of the SBU accelerating revenue growth while expanding margins.
He holds a Bachelor’s degree in Electrical and Electronics Engineering from the University of Madras and an MBA from Duke University, NC.
Jim FrancisSenior Officer, Global Head of Healthcare, Insurance, and Life Sciences
Jim Francis is a Senior Officer and heads Virtusa Corporation’s Healthcare, Insurance & Life Sciences Business Units globally. Jim’s primary focus is on client relationships, strategy and overall business growth across the above industry segments
Since joining Virtusa Corporation in 2006, Jim has held various key executive roles. These roles include Business Unit (BU) head for various industry segments such as Banking and Financial Services (BFS), Insurance, Healthcare and Diversified. Jim has also held the position of worldwide Sales head and led Virtusa’s initial expansion into Continental Europe.
Prior to joining Virtusa, Jim spent 18 years at American Management Systems (AMS), a $1 billion global IT consulting company. As Vice President and Business Unit Head within AMS’s Financial Services Group his responsibilities included strategy, product management, application development and outsourcing.
Srinivasan JayaramanSBU Head, Communications, Media, Information, and Entertainment
Srinivasan (Srini) Jayaraman heads Virtusa’s Communications, Media, Information and Entertainment business unit globally. He is responsible for driving significant revenue growth and profitability by building industry leading domain solutions that help address our clients’ most pressing business challenges.
Prior to this role, he has held various senior roles in Virtusa Corporation driving business growth, establishing and maintaining critical client relations and entering new markets. He also successfully helped various clients transform their business by focusing on accelerating time to market, enhancing customer experience and improving their ability to drive cost efficiencies in IT operations.
Prior to joining Virtusa Corporation, Srini was with Tech Mahindra in various roles and was Client Partner for one of their largest customers where he built successful business relations in India and Europe. Srini was also at HCL Technologies in India and US-based roles. He was a part of the core team that led HCL’s foray into the Enterprise Applications business and was closely involved in setting up the CRM business.
Srini has a Bachelor’s Degree in Mechanical Engineering from University of Pune and has completed his MBA from Indian Institute of Management, Lucknow.
Frank PalermoGlobal Head of Digital Solutions
Frank Palermo has over 20 years of global experience as a successful technology executive, with broad-based skills including business consulting, strategy, technology, and development, financial and operational management. Frank excels at cultivating an entrepreneurial culture, assembling high performance teams, identifying emerging technology trends, and incubating innovative, high growth businesses. Frank is passionate about helping companies re-imagine their digital future through the application of technology. He frequently collaborates with organizations on ways to accelerate their innovation roadmap.
Frank heads Virtusa’s Digital Business where he is responsible for building highly specialized technology practices focused on capabilities in UX, Mobility, Social, Cloud, Gamification, Analytics, Big Data and IoT. Frank oversees all innovation strategy, business development, solution creation and global technology partnerships for the Digital Business. Frank leads a large global team of consultants who have delivered over 200+ large-scale digital programs for Fortune 500 organizations across the financial services, insurance, media and healthcare markets.
Prior to joining Virtusa Corporation, Frank was Chief Technology Officer (CTO) for Decorwalla, an emerging B2B marketplace in the interior design industry. At Decorwalla, Frank was responsible for the overall technology strategy, creative direction, site development and deployment. Prior to that, Frank was CTO and VP of Engineering for INSCI Corporation, a supplier of digital document repositories and integrated output management products and services. Under Frank’s leadership, INSCI’s products were awarded the prestigious Product of the Year award for 1998 by Imaging and Document Solutions magazine, a leading industry source.
Prior to INSCI, Frank held several innovation positions at IBM in the Cambridge Scientific Center, TJ Watson Research Facility and Advanced Workstations Division. He was involved in MIT’s project Athena to create distributed computing environment for educational use. He took part in the PowerPC consortium with IBM, Motorola and Apple and was involved in the design and development of the PowerPC family of microprocessors. He was also instrumental in architecting and developing a massive distributed client/server design automation and simulation system involving thousands of high-end clustered servers. Frank received several patents for his work in the area of microprocessor design and distributed client/server computing.
Frank enjoys sharing his point of view and is a published columnist and frequent speaker on leading technology trends. Frank enjoys networking and connecting with innovators in technology.
John GillisClient Services and Business Development
John Gillis, is one of the co-founders of Virtusa Corporation and is responsible for Client Services and Business Development across the organization.
Prior to joining Virtusa Corporation, John was a founder and Executive Vice President at INSCI Corporation. INSCI Corporation is a leading supplier of digital document repositories and integrated output management products and services. In his career at INSCI, John also held the key position of Chief Operating Officer. As a vital member of the organization’s management team, John played a crucial and strategic role in taking INSCI Corporation public in 1994.Prior to INSCI, John spent more than 20 years in sales as well as sales management with several technology firms. John has played key roles in various technology companies such as IBM, EXXON and Data General.
John holds a Bachelor of Science in Economics from Stony Brook University.
Bob GrahamGlobal Head Domain, Consulting and Industry Solutions
Bob Graham leads our cross industry domain and consulting practices and drives our industry solutions efforts. Bob leads a global team responsible for creating world class domain led consulting offerings and targeted solutions for our industry verticals. Our domain consulting teams bring top notch industry experience and ability to help lead our clients through Change the Business (CTB) initiatives including customer acquisition and on-boarding, cost takeout and improved operational efficiency , digital transformation, regulatory change, and payments disruption.
Bob brings over 25 years of experience in financial services and insurance. Bob is a frequent speaker on digital banking and emerging trends such as robotics, digital payments, machine learning and AI. Prior to joining Virtusa Corporation, Bob spent four years at NetNumina Solutions in Cambridge, MA, and six years at State Street Bank as a Vice President for Global Markets IT. Bob began his career at Bank of New England. Bob holds a BA from Hamilton College in Clinton, NY.
Senthil RavindranHead, Fintech Lab, Banking and Financial Services
Senthil is a senior member of Virtusa’s Banking and Financial Services (BFS) Business unit and runs our FinTech lab. FinTech Lab helps our clients to accelerate innovations leveraging advanced technologies like Cognitive Computing , Blockchain , Deep Learning, IoT , Mixed Reality to name a few. The BFS industry is going through a tectonic shift and will be fundamentally reshaped over the next few years, party as a result of the continued after-affects of the sub-prime mortgage crisis of 2007-8, but mainly due to the unprecedented disruption inflicted upon it by the Fintech revolution.
In his current role, Senthil is responsible for advising our clients to solve traditional problems with innovative new technologies and creating innovative Digital solutions. He is very passionate about the transforming traditional system landscape into a Smart Digital Landscape which puts Customer at the center of everything. He brings in good understanding of FinTech disruptors/accelerators in the areas of Lending, Payments, PFM, Robo-Advisory, Challenger Banks from a technology as well as business model standpoints. During his tenure with us, he has helped deliver complex transformation programs across as well as win several new clients.
He brings over 20 years of experience in financial services including Retail Banking, Payments, Wealth Management , Transaction Banking and Insurance. Senthil began his career with Tata Consultancy Services. Senthil holds a Bachelor of Electrical & Electronics Engineering Degree.
Madhavan SatagopanEVP & Business Strategist
Madhavan Satagopan is an EVP and the business strategist for non-linear initiatives at Virtusa. In this role, Madhavan is focused on strategic growth through inorganic and non-linear initiatives.
In his 24+ years of global and cross-domain industry experience with organizations like Virtusa, Altimetrik, Wipro, Covansys, Lehman Brothers and others, Madhavan has established specialist groups comprised of solution incubators, subject matter experts, domain and business process consultants, enterprise and solution architects and tech communities, leading them to become value realization partners and technocrats with wide recognition in the industry. Madhavan has also established innovation ecosystems of solution partners, customers and academia and has led efforts contributing to 20+ patentable techniques and publications in research and technology journals.
An alumnus of BITS Pilani, Madhavan is an ardent evangelist of technology’s ability to transform businesses and touch lives. Madhavan uses his eye for effecting change in social and behavioral patterns through his position on the Engineering Research & Development (ER&D) council of NASSCOM, which is responsible for adoption and acceleration of innovation in India.
Madhavan has also been part of the prestigious Forbes Technology Council, Penn State University’s Enterprise Architecture Advisory Council and other Industry councils with several editorial and research contributions.
Madu RatnayakeChief Information Officer and Head of Business Process Excellence
Madu is responsible for our internal digital business strategy and the core service delivery framework. As the CIO, He focuses building our award winning digital work platform and practices that enable harnessing the collective wisdom and relationships of our global network of team members to drive delivery, sales and people engagement. As the Head of Business Excellence, he focuses on building our DevOps based core service delivery framework to ensure delivery predictability for our clients.
In addition to his global responsibilities, Madu heads Virtusa Sri Lanka operations.
Madu is a founder director and former Chairman of Sri Lanka Association for Software and Services Companies (SLASSCOM), the industry body for IT and BPM in Sri Lanka and the Chairman of Sarvodaya Fusion, the ICT4D arm of Sarvodaya, the largest NGO in Sri Lanka; He represents the IT industry on the boards of several leading universities.
He is a Charted Engineer, Certified Gamification Master and holds an MBA and a First Class Honors Degree in Software Engineering from City University in London. He has over 20 years experience in IT services industry.
Madu can be contacted on Twitter @MaduRatnayake
Chandika MendisGlobal Head of Engineering
Chandika Mendis leads Engineering Excellence and Innovation for Virtusa Corporation and is responsible for global engineering standards, metrics and tools as well as driving a technology innovation culture. Chandika carries over 15 years of experience in IT and provides leadership to the teams that have created key productivity accelerators and differentiators.
Prior to Virtusa, he was the Chief Software Architect for a global IT consulting organization, playing an instrumental role in setting up and leading their San Francisco office.
He has a first class honors degree from the Department of Computer Science and Engineering, University of Moratuwa, Sri Lanka and an MSc in Parallel Computers and Computation from the University of Warwick, UK. In 2013, he was the recipient of two Achiever Awards from the Department of Computer Science, University of Moratuwa, for Outstanding Contribution to the ICT industry, and for the Business Innovation of the year.
Darshana PaiGlobal Head, Delivery Strategy and Governance
Darshana Pai heads Global Delivery Governance and strategy function at Virtusa. Charter for this function is to create next gen delivery platform powered by tools, automation and predictive analytics to achieve business goals. This scalable platform will help organization to deliver solutions to global customers with speed, quality and predictability. Delivery governance focuses on creating and auditing controls to ensure robust risk mitigation strategy.
Prior to this role Darshana was heading Virtusa’s Banking and Financial Services (BFS) Business unit for Americas, Europe and Rest of World regions. She was responsible for enhancing customer experience through delivery excellence, employee engagement and growth of this SBU. She led a large team of professionals across delivery centers in Hyderabad, Chennai, Pune, Mumbai and onsite client locations. She also has extensive experience in running complex business and technology transformation programs delivering business outcomes to customers.
Darshana joined Virtusa as Hyderabad Center Delivery Head. In this role she helped scale the center from 1000 employees to 3500 employees by building strong delivery leadership team, grooming talent from within and running campus recruitment and training programs.
For helping Virtusa’s clients solve the business problems that they face today through her experience and industry perspective, Darshana has been recognized by the industry and honored with:
- “Women Leadership Achievement Award in the IT sector-2014” by the World Women Leadership Congress and Award (WWLCA).
- “Women Achievers in IT-2014” award under the ‘Business leader’ category at INTEROP 2014. INTEROP is a leading global independent technology conference and platform.
- Named as one of the “Top 20 Women in IT – 2014” by Dataquest magazine in the August 2014 issue.
- “Best Woman Corporate Leader-2013” award by the Indo-American Chamber of Commerce (IACC).
Prior to joining Virtusa Corporation, Darshana worked in leadership positions for organizations such as Wipro, CapGemini, Satyam and Patni Computers over the last 20 years. She brings in varied professional experience from the IT Industry after having led large teams delivering multi-million dollar IT solutions to customers in Retail & CPG, Finance, Energy & Utilities, Travel & Leisure, Logistics and Government sectors spread across Europe, US, Australia, Singapore and Japan. Darshana has travelled extensively across the globe and brings with her vast knowledge and experiences on people, culture, technology and business.
Darshana has a B.E degree from Mumbai University and has done her Masters in Technology from Indian Institute of Technology, Mumbai.
Paul TutunGeneral Counsel and Assistant Secretary
Paul D. Tutun joined Virtusa Corporation in July 2003 and provides advice primarily to the executive team, board of directors and committees of the board and is responsible for all of the company’s general corporate matters including client contracts, SEC filings and compliance, employment and real estate matters and equity compensation. Paul has over 15 years of experience representing technology companies and investment banks in mergers and acquisitions, initial and follow-on public equity offerings, ongoing public company and other related technology matters.
From 1994-2001, Paul was a corporate associate at Goodwin Proctor, Hoar, Testa, Hurwitz and Thibeault. From 2001 to 2003, Paul was corporate counsel to MarketSoft Corporation.
Paul holds a BA in English from Colgate University and earned a J.D., cum laude, from the Boston University School of Law. He was also Managing Editor of the B.U. International Law Journal. His publications include, “Arbitration Procedures under the United States-German Income Tax Treaty: The Need for Procedural Safeguards in International Tax Disputes,” 12 B.U. Int’l L.J. 179 (1994).
Our environmental management system, internally branded as Code Green, encompasses measures to manage the significant environmental aspects of our business operations. In FY17, we expanded monitoring of the following indicators to Polaris Consulting technology centers in India: energy usage, water usage, scope 1, 2, and 3 emissions, and paper and e-waste recycling. We continue to report to the Carbon Disclosure Project Climate Change Program and the Supply Chain Program. Our performance band for 2016 was “B” and we also received a “B” for the Supplier Engagement Rating, a new score introduced by CDP in 2016. This score measures an organization’s ability to engage with suppliers on climate change
We aim to increase the use of renewable energy in our operations. In FY17, this goal faced a setback due to delays in obtaining state approvals. However, we will continue to seek opportunities for the use of renewable energy.
We aim to strengthen the learning opportunities within the company, strengthen our diversity initiatives, and groom the next level of leadership. To this end, we have implemented multiple leadership programs including the Women in Leadership Program, Future Architect Program, and the Global Leadership Program.
We see increased focus on supply chains and responsible sourcing. Therefore, we seek to engage more with our supply chain on sustainability initiatives and also increase the checks and inspections needed to ensure that suppliers follow internationally accepted standards on human rights, labor, the environment, and business ethics.
Our CSR pillars—Campus Reach, Digital Reach and Tech Reach—focus on creating positive social impact. We aim to use technology to solve social issues. We proved this when we developed the 117 app for the Disaster Management Center (DMC) of Sri Lanka to manage flood relief activities in May 2016. The app allowed flood victims to submit requests through a mobile phone or tablet, making it possible for people in remote areas to request aid. The app also facilitated better tracking of aid requests and improved transparency. We will continue to facilitate positive change by utilizing technology innovation to solve problems.
Virtusa operates the following internal policies to ensure that we are conducting our business in an ethical manner:
- Whistleblowing Policy – This policy sets out guidance on how our employees can raise concerns about malpractice or wrong-doing at work. It aims to encourage openness so that concerns can be raised internally without fear of repercussions to the employee.
- Code of Business Conduct and Ethics – This code sets out Virtusa’s commitment to conducting our business ethically, and the standard of conduct expected of our employees and directors.
- Anti-Slavery and Human Trafficking Policy – This policy reflects Virtusa’s commitment to ensuring transparency in our business and our approach to tackling Modern Slavery throughout our supply chains. The policy sets out the roles and responsibilities of Virtusa employees if they suspect any instances of Modern Slavery, and how to act up on these.
- Recruitment Policy – This policy sets out Virtusa’s recruitment policy, including conducting eligibility ‘right to work’ checks for all employees in order to safeguard against human trafficking or forced labour. We conduct job rotations so that no employee is restricted to one particular assignment for a long period of time.
- Modern Slavery Act Statement – This statement is made pursuant to s.54 of the Modern Slavery Act 2015 (“Modern Slavery Act”).
This statement sets out that the steps that Virtusa UK Limited , for itself and its affiliated entities has taken, and continues to take, to ensure that modern slavery, including human trafficking, child labour, forced labour, workplace abuse and domestic servitude (“Modern Slavery”) is not taking place within our supply chain or business. Download PDF
- Supplier Guidelines
The Supplier Guidelines set out the standards and practices that our suppliers are required to uphold in the areas of human rights, labor, environment and business ethics. Download PDF
- Virtusa UK Tax Strategy
This tax strategy is published in accordance with paragraph 16(2), Schedule 19 of Finance Act 2016