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Press Release

December 8, 2015

Virtusa Signs Agreement with Volvo Group Treasury for Global, Advanced Incident Management Support

Stockholm – December 08, 2015 - Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today announced that it has entered into an agreement with Volvo Group Treasury to provide global incident management support for the Wallstreet Suite financial system. As per the agreement, the system support will be available 24 hours a day, five days a week, for Volvo’s operations across the globe. Virtusa’s support services will enable Volvo to effectively meet increased demand for advanced treasury system support with faster response times. Volvo Group Treasury is a global organization with operations in Europe, North and South America, and Asia.

Virtusa AB, formerly TradeTech Consulting Scandinavia AB, implemented the Wallstreet Suite support for Volvo Group Treasury in 2009; since then it has been providing Volvo with Wallstreet Suite incident management support from Sweden. As a result of the new agreement, Virtusa will now provide advanced support to Volvo at a global level and across time zones. The partnership will help Volvo to streamline its global treasury operations, proactively monitor and address incidents, and significantly improve operational efficiencies.

“We've always been pleased with Virtusa and its high quality, fast response support, but due to time zone differences between our global offices and Virtusa in Sweden, the handling time was difficult to shorten,” said Fredrik Ringström, Solution Lead at Volvo Group Treasury. “With the extended support, we will now have constant access to advanced Wallstreet Suite support for our global treasury departments. This will shorten the handling and response time for our global offices significantly and make our treasury processes much more efficient.”

To meet Volvo Group Treasury’s demand for global incident management support, Virtusa –a global organization with offices in 13 countries – will now offer advanced Wallstreet Suite incident management support from its facilities in Sweden and Sri Lanka, ensuring effective round the clock coverage. For Virtusa, the new Volvo engagement marks an important step, not only because of the agreement itself, but also in enhancing its ability to provide true global incident support services to treasury departments of global companies.

“We are proud of our continued partnership with Volvo Group Treasury,” said Joakim Wiener, managing director, Virtusa AB. “We are confident our support services will play a strategic role in streamlining Volvo’s global treasury operations, leading to improved quality and increased opportunities for cost savings and revenue generation. The agreement with Volvo reiterates our strong credentials as a leading global IT Services player with an ability to deliver superior business outcomes for our global clients.”

The 24/5 Wallstreet Incident Management Support has been available for Volvo Group Treasury since 1st July 2015.

Virtusa has consistently been ranked as a top provider for Global 2000 companies and the leading software vendors in banking and financial services, insurance, telecommunications, technology and media, information and education industries. The company was recently featured and recognized in the International Association of Outsourcing Professionals® (IAOP®) 2015 Global Outsourcing 100® service providers, 2013 Forrester Research's report on major mid-sized offshore IT services vendors, Everest Group's PEAK Matrix for IT Outsourcing in Banking and as a leading company in HfS Research’s 2014 Blueprint reports on Enterprise Mobility and SAP Services.

For more information on Virtusa’s Financial Systems Support services, visit - https://www.virtusa.com/se/financial-systems-support/

About Volvo Group Treasury
Volvo Group Treasury, the Volvo Group's internal bank, coordinates the Volvo Group's global funding strategy and financial infrastructure. It is also responsible for the management of all interest-bearing assets and liabilities and the execution of foreign exchange transactions. Over the past 25 years Volvo Treasury has transformed from a pure profit center to a value center serving the whole Volvo Group as the internal bank. The Volvo Treasury headquarter is located in Gothenburg, Sweden with hubs/offices subsidiaries in Greensboro, USA, Singapore, Beijing, China and Tokyo, Japan.

 

About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

 

Media Contact:

Matt Berry
Conversion Marketing
(201) 370-9133
matt@conversionam.com

Media contacts
Joakim Wiener
CEO, TradeTech Consulting
+46 70 871 21 18
joakim.wiener@tradetechconsulting.com

 

Fredrik Ringström
Solution lead for Volvo Group Treasury
+46 703 22 16 15
fredrik.ringstrom@volvo.com

 

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