A US based IT company with a large software development center in Colombo says it plans to hire 250 more software developers for their Colombo development center as a result of significant business growth over the last two years.
Surviving has been tough for most software firms with competition and a slump in IT spending eating into revenues.
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Growing revenues at double-digit rates is almost unthinkable.
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rnBut Virtusa has done just that. It says that revenues almost doubled over the last two years when business almost doubled.
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rnldblquote This is the ninth consecutive quarter of growth, dblquote says Kris Canekeratne, Chairman, Virtusa Corp.rn
rnHe says that should be looked against the business climate in the US, which has been dull during the recent years.rn
rnThe US market is important for the company, as most of their revenue comes from there. rn
rnHowever, profits have been more difficult to come by due to heavy investments.rn
rnldblquote We will probably break-even at this