Westborough, Mass. – July 8, 2003 – Virtusa Corporation, a global provider of software development and related IT services, today announced that its revenues for the fiscal year ended March 31, 2003 increased by 50 percent. The company also posted its strongest quarter ending June 30, 2003, resulting in eight sequential quarters of revenue growth.

Other financial highlights from the past twelve months include the following:

Over 20 new clients entered into multi-year revenue relationships with Virtusa
Industry leaders such as Bank One Corporation, Siemens, Shaw's Supermarkets and Pegasystems among others selected Virtusa as their partner of choice for building mission-critical software platforms and products
New marquee clients came from a broad spectrum of verticals including Retail, Financial Services, Telecommunications and High Technology

"The fiscal year ended March 31st, 2003 was an outstanding year for Virtusa and our results validate the relevance and need for our unique service model," said Kris Canekeratne, CEO of Virtusa. "We attribute our continuing success to a long track record of consistently delivering quantifiable business benefits. Our clients have gained significant benefits of revenue acceleration, immediate cost efficiencies and overall reduction in total cost of ownership through better-delivered software."

"As a trusted technology partner, Virtusa has always focused on systematically increasing software engineering productivity, mitigating technology risks, and building future proof technology platforms for our clients. Our industry leading growth is directly attributable to our unique business model, our outstanding service quality, and the dedication and devotion of our talented employees. We are optimistic about the future based on the growing list of satisfied, long-term blue chip clients and strong revenue momentum. We will continue to invest in our ability to deliver increasing value to our stakeholders, including our clients, investors and our rapidly growing team of Virtusans worldwide," added Canekeratne.

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