Tokyo and Westborough, Mass., March 29, 2016 --- Hitachi, Ltd. (TSE: 6501) and 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 they have agreed on a global strategic partnership.
Hitachi and Virtusa will leverage their core competencies, industry IT solutions and thought leadership to provide joint services to their global clients and the broader market. They will jointly provide value to clients by helping to increase operational and technology efficiency, implementing new functionalities and optimizing complex operational processes.
“I believe that Virtusa provides a great fit for Hitachi. It is a strong technology partner with deep domain knowledge and industry based solutions which complement and extend upon our own.” said Masayoshi Ogawa, president of Financial Information Systems Division, Information & Telecommunication Systems Company at Hitachi. “By combining Hitachi's strong program management, Japanese market understanding, diverse capabilities in technologies and knowledge in Financial Services and other industries, I believe that our combined potential will be significant and continue to drive tremendous value for our clients.”
Hitachi and Virtusa have been working together since 2015, initially helping Japanese financial institutions optimize operations as well as support the implementation of large technology transformation programs.
“From a Virtusa perspective, penetration into the Japanese market would never be truly effective without a well-known and respected company such as Hitachi. The cultural fit at the core of our organizations, driven by innovation, social responsibility and client commitment, is remarkably close.” said Jim Francis, executive vice president at Virtusa Corporation. “Aside from our own regional expansion benefits, the business solutions which Hitachi has to offer are disruptive and underserved to the market. We plan to partner to market many of these solutions together to our global client base. Virtusa views this as a highly strategic long-term global partnership.”
Companies are facing an urgent need to modernize their systems, not only to grow their businesses but also to defend their current ones. This is even more the case in certain market segments such as Banking and Financial Services, Insurance, and Healthcare. This requires better products and solutions sold and managed with a client-centric focus, improved social engagement for an evolving millennial workforce and customer base, optimized processes, and flexible rules based systems, all at a lower operating cost. Banking and Financial Services and Insurance are a focus area for FinTech.
Hitachi, which provides IT solutions by combining various products and services internationally, possesses technologies and knowledge related to developing core systems that require extremely high reliability. The company is highly experienced in providing systems for companies.
Virtusa, a 2015 Global Outsourcing 100 service provider leader recognized by the International Association of Outsourcing Professionals (IAOP®), provides IT consulting and system development in the United States, Europe and Asia, and has extensive experience and expertise in developing and implementing innovative and transformational solutions for global companies. Leveraging its unique software platforming approach, Virtusa helps organizations consolidate, rationalize and modernize core systems resulting in efficient and lean IT environment. Through its proven global delivery model Virtusa delivers accelerated business solutions to its clients, enabling them to speed time-to-results and improve customer experience. Virtusa is highly experienced in introducing various systems to financial institutions such as a large-scale, multi-country insurance claims system for a leading, global insurer.
Together, Hitachi and Virtusa will form a unique team that leverages mutual strengths to bring best of breed business solutions to their clients worldwide.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society’s challenges with our talented team and proven experience in global markets. The company’s consolidated revenues for fiscal 2014 (ended March 31, 2015) totaled 9,761 billion yen ($81.3 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes power & infrastructure systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, healthcare and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.