Thursday, September 27, 2007

Virtusa Ranked #1 IT Systems Outsourcing Vendor in Wealth Management Industry by the 2007 Black Book of Outsourcing

Virtusa Corporation (NASDAQ: VRTU), a global IT services company that provides IT consulting, technology implementation and application outsourcing services, has been named the top IT Systems Outsourcing Vendor in the Brown-Wilson Group's annual “Black Book” survey of Top Outsourcing Vendors in the Wealth Management Industry.

The Wealth Management IT Systems Outsourcing rankings are based upon eighteen criteria of operational excellence, including technology innovation, client relationships and trust, breadth of offering and customization.

“Outsourcing is becoming more popular as wealth management industry executives become more comfortable with the robustness of the outsourcers’ systems and capabilities, especially in times of regulatory change,” noted Doug Brown, co-author of “The Black Book of Outsourcing” and a principal of Brown-Wilson Group. “Virtusa is at the top of a very exclusive group of high-quality IT systems outsourcers in this evolving, fast-growing industry.”

“We are extremely pleased to be recognized by Brown-Wilson Group in The Black Book of Outsourcing for our innovative work in the wealth management arena,” said Kris Canekeratne, Virtusa Chairman and CEO. “For financial institutions that offer wealth management services, the focus must be on how IT can deliver more agile solutions to increase operational efficiency and improve customer experience. Virtusa’s software platforming approach has enabled our wealth management clients to enhance their customer-facing applications–opening accounts faster, offering new products and services seamlessly, and providing superior customer service to their high-net worth clientele.”

Black Book’s Top Outsourcing Vendor Rankings in the Wealth Management Industry Report will be released at tomorrow’s FS Outsourcing Wealth Management Industry Summit in New York, where Virtusa executives will present on “Emerging Trends in Building Agile IT Solutions in Wealth Management.”

About the Black Book Top Outsourcing Vendors & Top Advisors Rankings

The Black Book initiative sponsors the only annual, independent, non-biased ranking of 300 outsourcing advisors and 4,500 vendors as completely scored from over 20,000 outsourcing users' and clients' ballots. The Top 50 Best Managed Global Outsourcing Vendors ranking is based on twenty-six measures of leadership excellence, including client satisfaction with senior management direction, leadership impact on outsourcing results, business transformation practices, client relations management, and indicators of C-level officer commitment. Sublists in twelve categories of outsourcing cover over 500 outsourcing functions, in 40 industries, from multiple organization sizes and locations. Sublists are rankings based on eighteen criteria of operational excellence and client satisfaction with outcomes. Surveys are conducted each year, currently in the fourth update, beginning in March with results announced in June.

About Virtusa Corporation

Virtusa is a global information technology (IT) services company providing IT consulting, technology implementation and application outsourcing services. Using its enhanced global delivery model, innovative platforming approach and industry expertise, Virtusa provides cost-effective services that enable its clients to use IT to enhance business performance, accelerate time-to-market, increase productivity and improve customer service. Founded in 1996 and headquartered in Massachusetts, Virtusa has offices in the United States and the United Kingdom, and global delivery centers in India and Sri Lanka.