Virtusa Corporation, a global IT services company that offers a broad range of information technology services, including IT consulting, technology implementation, and application outsourcing services, announced yesterday it has been recognised by American Banker, Bank Technology News and IDC Financial Insights on the 2011 FinTech 100 List.
The list, currently in its eighth year, ranks the most successful financial services technology vendors around the world based on their calendar year 2010 revenue from financial services. This marks the fourth time in five years that Virtusa has been named in the ranking.
“We are honoured and privileged to be recognised yet again on the prestigious FinTech 100 List,” said Virtusa CEO and Chairman Kris Canekeratne.
Canekeratne added, “During these difficult economic times, we have had the opportunity to work with several financial services clients and help them reduce their overall costs, introduce new products and services to market faster and improve their consumer experience. This recognition is testament to the hard work and dedication of our team members who work relentlessly to innovate and drive business transformation for our clients.”
Virtusa uses its unique Platforming methodology and global delivery model to help global financial institutions overcome challenges that include compliance and regulatory requirements, emerging technology needs, security initiatives, superior customer service, and price pressures. The company partners with some of the world’s largest banking and financial services companies, including retail, wholesale and investment banks, lending firms, card services, securities traders, and brokerage firms.
These institutions look to Virtusa to optimise their software applications and platforms, enhance operational efficiencies, minimise risks, sustain cost leadership, and at the same time, support their business transformation initiatives.
Earlier this year, Virtusa acquired ALaS Consulting, a leading provider of consulting and advisory services to financial services companies.
The acquisition strategically expanded Virtusa’s leading position within the banking and financial services industries (BFS) by adding capital markets and investment banking domain expertise, consulting and program management skills.
The ALaS acquisition provided Virtusa with an expanded client based including leading global financial institutions as well as 150 financial experts, including former senior Wall Street professionals with significant industry experience.
Virtusa is now providing this combined client base an enhanced, integrated offering, including deep domain knowledge, consulting-led solutions, technology implementation and industry leading global delivery execution.
Revenues for this year’s top 100 financial technology firms grew to a collective $58.1 billion, an almost 10 percent increase from 2009 to 2010 and an encouraging number for the industry as a whole.
The 2011 honourees were formally recognised at an awards ceremony and breakfast briefing at the BAI Retail Delivery 2011 conference on October 11, 2011 in Chicago.