Westborough, Mass. – January 20, 2004– Virtusa Corporation, a global provider of software development and related IT services, today announced record growth during third quarter ending December 31, 2003.

Highlights of the third quarter include the following:

Third quarter revenue increased by 14% sequentially and 90% from year ago quarter
Virtusa posted its tenth consecutive quarter of revenue and headcount growth
New client acquisitions in verticals including Financial Services, Telecommunications, Retail, Manufacturing, and High Technology

"We are extremely pleased with the momentum we have experienced in the last quarter. Virtusa continues to grow faster than the industry by acquiring new client accounts and expanding our strategic account relationships," said Kris Canekeratne, CEO of Virtusa. "We continue to deepen our domain expertise, introduce new service offerings, and build more high-end, strategic client relationships than our competition. Our pipeline is extremely strong and we are optimistic about our prospects for the future."

"Leading enterprises are looking for results that go well beyond the time and cost efficiencies of traditional outsourcing engagements," added Canekeratne. "Virtusa's ProductizationT methodology allows our client organizations to consolidate disparate IT assets and build 'made-to-order' Organization Specific Platforms that are leveraged across business silos. This approach enables our clients to reduce their TCO and accelerate new revenue generation. Virtusa's success validates the market demand and acceptance of such a highly differentiated strategy."