eRunway becomes Virtusa Corporation
By N Venugopal | 22 Apr 2002
Hyderabad: eRunway Inc, a leading provider of global technology innovation services, has changed its global corporate identity into Virtusa Corporation. The Westborough-headquartered company has development centres in Colombo and Hyderabad.
Announcing the new corporate identity at a video-conferenced press briefing globally across Virtusa’s offices, chairman and CEO Kris Canekeratne said: "We are changing our name to reflect our true identity. Our old name created a misconception in the minds of people, that we are part of the dotcom genre of businesses. We wanted to change that and we wanted to reflect our core values of excellence and stability, and thus Virtusa."
The name change will affect the business model or areas of operations of the company. The six-year old company has posted a sequential growth rate of over 25 per cent in the year ended 31 March 2002 and was profitable. It expects a double-digit growth in its Indian operations, too.
The company had two rounds of funding of over $35.5 million from venture capital majors like Sigma Partners, Charles River Ventures and Jafco Ventures. "As we are in a comfortable position now we are not looking at a third round of funding," Canekeratne said.
Like in the previous year, Virtusa’s advanced technology centre in Hyderabad will have at least $1.5-million investment in infrastructure.