Westborough, Mass. May 20, 2004 –Virtusa Corporation, a global provider of software development and related IT services, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2004.

Highlights from the past twelve months include the following:

Revenue increased by 74% from the fiscal year ended March 31, 2003
The company posted its eleventh consecutive quarter of quarter-on-quarter revenue growth.
80% of revenues in the fiscal year came from established clients who had been using Virtusa’s services for one year or more
New marquee clients came from a broad spectrum of verticals including Financial Services, Retail, Telecommunications and High Technology

“ The fiscal year 2004 was an outstanding year for Virtusa. We grew at a rate that was approximately three times greater than the outsourced offshore services market growth rate. These results validate the stability and predictability of our business model as well as the market relevance of our highly differentiated value proposition,” said Kris Canekeratne, CEO of Virtusa. “Instead of migrating units of work to cheaper cost regions, we focus on reducing the units of work by increasing software development efficiencies. By consolidating disparate software assets into common, reusable platforms, we enable our clients to stimulate revenue generation while reducing their total cost of ownership.”

“Our continuing success is a direct result of our exceptionally talented and dedicated team of over 1800 IT professionals. We are fortunate to have an outstanding global team that relentlessly focuses on creating competitive advantage for our clients and building long term relationships through client delight,” added Canekeratne.

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