Virtusa invests Rs 73 cr in Hyderabad campus

Virtusa Corporation, a global IT services company, has opened its new campus at Nanakramguda near here built with an investment of Rs 73 crore.

The campus has come up on 6.32 acre with a built-up space of 350,000 sft. When fully completed, it would have a seating capacity of 6,000. The company would invest another Rs27.5 crore for expanding the campus in the second phase.

Inaugurating the facility on Wednesday, chief minister K Rosaiah said the state had the highest number of IT special economic zones at 57. Of these, 43 have been notified by the Centre and 18 have become operational.

To further augment the growth of the information, communication and technology sector (ICT), the state recently announced a new ICT policy till 2015. Under this, it would extend incentives to startups, SMEs, product companies, engineering services, animation, gaming and digital entertainment.

Virtusa chairman and chief executive officer Kris Canekerante said the company planned to add 1,500 people in the first phase to the existing 1,500. It would add another 3,000 in the second phase. He, however, did not give a time frame for completion of the two phases.

The company registered revenues of $164 million (Rs 738 crore) last year and $170 million (Rs 765 crore) the year before. “We expect the revenues to be around $210 million (Rs 945 crore) this year as we have come out of the recession effect,” he said adding the US would continue to be the key market as the spending in the banking and allied sectors was increasing.

The company derives 76 per cent from North America, 21 per cent from Europe and three per cent from the rest of the world. Banking, financial services and insurance account for bulk of the revenues.

Virtusa has 69 clients globally and is now exploring the Indian market. The company started India operations in 2000 with about 25 people in Hyderabad and currently has an employee base of about 1,500. Globally, Virtusa employs about 4,000, of which two-third is in India. It has facilities in Chennai and Colombo in Sri Lanka.