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Press Release

March 17, 2015

Virtusa strengthens its market presence in Sweden

Company’s broad and differentiated portfolio of services to help businesses address the needs of the digital era

Stockholm – (March 17, 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, announced today that the company is strengthening its Swedish operations with its full range of services that will help customers effectively address their dual mandate of ensuring efficient “business as usual’ operations and driving innovations. The announcement follows last year’s acquisition of the Sweden based financial services consultancy, TradeTech Consulting Scandinavia AB, now renamed Virtusa AB.

“We continue to execute our strategy of expanding our operations in Europe,” said Sameet Gupte, senior vice president and managing director, Europe, Virtusa. “Over the past few years we have increased our customer base across continental Europe and have strong local talent. The strategic acquisition of TradeTech was part of our expansion plans in Europe and also underscores our commitment to the Nordic market.”

The TradeTech acquisition expanded the company’s footprint in the Nordic market. With this transaction, Virtusa has been able to bring world class services and differentiated offerings to the Swedish market. As of January 1, 2015, the integration of the TradeTech Consulting organization into Virtusa has been completed. Virtusa AB, the newly renamed organization, is now ready to deliver the entire portfolio of Virtusa’s global service and solution capabilities in the Nordic market.

“Over the last one year, we have systematically worked on ensuring a smooth integration of the TradeTech team with our global operations,” said Tim Wright, senior vice president, global head of Business Consulting, Virtusa. ”We have been able to build on the synergies between the two companies and have put in place processes and systems that will help us to effectively meet the needs of customers in the Nordic market.”

As per a January 2015 Forrester Research report titled “The Global Tech Market Outlook for 2015 To 2016”, technology spending in Sweden has been featured in the list of fastest growing Tech markets. Like in other geographies, business dynamics in the Nordic including Sweden are changing. More and more businesses are expecting IT to not only run their operations efficiently, but also enable them to run differently i.e. through innovations. Digitalization is top of the agenda for many businesses. However, it can be a challenge for majority of the Swedish enterprises given that their IT environment is heavy on legacy, isolated point solutions which often limit the agility needed to meet the demands of a tech-savvy and rapidly changing customer market. With Virtusa’s proven expertise, unparalleled global experience and industry leading methodologies including the differentiated software platforming approach, Swedish enterprises can change that and instead take full advantage of the opportunities that a successful digital transformation brings.

“For many Swedish enterprises, the majority of the IT budget is being used to maintaining and servicing the existing point solutions, which, in many cases, were implemented more than twenty years ago and without a holistic strategy of how they should work together,” Joakim Wiener, managing director, Virtusa AB. “By optimizing and consolidating the existing processes and the IT environment, Virtusa can help enterprises to free the resources needed for change. As the next step, we help our clients establish a flexible digital platform that will enable them to effectively adapt to the ever changing customer demands and regulations.”

Virtusa provides industry leading solutions that help its clients to expand their addressable market via a distinctive millennial experience. Further, its transformational industry solutions enable its clients to efficiently run their ‘business as usual’ operations. The initial focus of Virtusa will be on the banking, financial, insurance and the telecom markets.

Virtusa has won numerous global recognitions and consistently ranks as a top provider for Global 2000 companies and the leading software vendors in Banking & Financial Services, Insurance, Telecommunications, Technology and Media, Information & Education industries. The company was recently featured and recognized in 2014 Forbes List of 100 Best Public Companies in America with revenue less than $1B, 2013 Forrester Research's report on major mid-sized offshore IT services vendors, 2014 Everest Group's PEAK Matrix for Banking Application Outsourcing, Healthcare Payer Industry IT Outsourcing and Cloud Application Services, and as a leading company in 2014 HfS Research’s Blueprint reports on Enterprise Mobility and SAP Services respectively.

For more information on Virtusa's information technology services and capabilities, visit https://www.virtusa.com/

 

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

Contact
Jan Fredriksson
Northern Link PR
Tel: +46 70 716 00 68
Email:jan@nlpr.se

 

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