Virtusa Corporation (NASDAQ GS:VRTU), a global provider of
digital engineering and IT outsourcing services that accelerate
business outcomes for its clients, today announced that Deborah
(Debby) C. Hopkins has been nominated to serve on Virtusa’s Board
of Directors as an independent director. Ms. Hopkins will stand for
election as a Class II Director at Virtusa’s annual meeting of
stockholders which is scheduled for September 6, 2018. If elected,
Ms. Hopkins would join Virtusa’s board of directors as a Class II
Director to serve until Virtusa’s 2021 annual meeting of
stockholders. Upon her election to the Board, the Company’s Board
would consist of nine directors.
Kris Canekeratne, Chairman and Chief Executive Officer of
Virtusa, stated, “On behalf of the Virtusa Board of Directors, I am
very pleased that Debby Hopkins has agreed to stand for election to
join our Board. If elected, Debby’s significant experience at the
leading edge of digital transformation for one of the world’s
largest financial institutions, as well as her extensive
relationships within Silicon Valley, will be valuable assets to
Virtusa as we execute our strategy to deliver above-industry
growth.”
Ms. Hopkins was the founder and CEO of Citi Ventures based in
Silicon Valley, and Chief Innovation Officer of Citi, until her
retirement from the company in December 2016. Ms. Hopkins joined
Citi in 2003 as Head of Corporate Strategy and M&A, and during
her tenure also served as Chief Operations & Technology Officer
and a senior advisor to Citi’s Investment Bank. Ms. Hopkins
co-founded Citi Women, championing the development of high
potential women within the organization. Prior to Citi, Ms. Hopkins
served as Chief Financial Officer at The Boeing Company and Lucent
Technologies. Debby also served as General Auditor at General
Motors, VP of Finance at GM Europe in Zurich, and Corporate
Controller at Unisys.
Ms. Hopkins is currently a member of the Board of Directors at
Union Pacific Corporation and Marsh & McLennan Companies. Debby
is also an Advisory Board Member at M3 Biotechnology, Inc., Marto
Capital and SalesHero. Fortune twice placed Ms. Hopkins in its top
10 most powerful women in business list. A graduate of Walsh
College in Troy, Michigan, Hopkins holds honorary doctorate degrees
from Westminster College in Fulton, Missouri, and Walsh
College.
About Virtusa
Virtusa Corporation (NASDAQ GS:VRTU) is a global provider of
Digital Business Transformation, Digital Engineering, and
Information Technology (IT) outsourcing services that accelerate
our clients’ journey to their Digital Future. Virtusa serves Global
2000 companies in Banking, Financial Services, Insurance,
Healthcare, Telecommunications, Media, Entertainment, Travel,
Manufacturing, and Technology industries.
Using a combination of digital strategy, digital engineering,
business implementation, and IT platform modernization services,
Virtusa helps clients execute successful end-to-end digital
business transformation initiatives.
Virtusa engages its clients to re-imagine their business models
and develop strategies to defend and grow their business by
introducing innovative products and services, developing
distinctive digital consumer experiences, creating operational
efficiency using digital labor, developing operational and IT
platforms for the future, and rationalizing and modernizing their
existing IT applications infrastructure. As a result, its clients
are simultaneously able to drive business growth through
digital-first customer experiences, while also consolidating and
modernizing their IT application infrastructure to support digital
business transformation.
Holding a proven record of success across industries, Virtusa
readily understands its clients' business challenges and uses its
domain expertise to deliver innovative applications of technology
to address its clients’ critical business challenges. Examples
include building the world's largest property & casualty claims
modernization program; one of the largest corporate customer
portals for a premier global bank; an order to cash implementation
for a multinational telecommunications provider; and digital
transformation initiatives for media and banking companies.
Founded in 1996 and headquartered in Massachusetts, Virtusa has
operations in North America, Europe, and Asia.
© 2018 Virtusa Corporation. All rights reserved.
Virtusa, Accelerating Business Outcomes, BPM Test Drive and
Productization are registered trademarks of Virtusa Corporation.
All other company and brand names may be trademarks or service
marks of their respective holders.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including statements regarding, the nomination
and election of a candidate for Class II Director and execution of
our growth strategy. These forward-looking statements include, but
are not limited to, plans, objectives, expectations and intentions
and other statements contained in this press release that are not
historical facts, and statements identified by words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “see,”
“seeks,” “estimates,” “will,” “should,” “may,” “confident,”
“positions,” “look forward to,” and variations of such words or
words of similar meaning and the use of future dates. These
forward-looking statements reflect our current views about our
plans, intentions, expectations, strategies and prospects, and our
growth rate, which are based on the information currently available
to us and on assumptions we have made. Although we believe that our
plans, intentions, expectations, strategies and prospects as
reflected in or suggested by those forward-looking statements are
reasonable, we can give no assurance that these plans, intentions,
expectations or strategies will be attained or achieved.
Furthermore, actual results may differ materially from those
described in the forward-looking statements and will be affected by
a variety of risks and factors that are beyond our control
including, without limitation: any increase in Virtusa’s borrowings
in connection with the acquisition of the balance of shares in
Polaris and Virtusa’s ability to service such indebtedness with
future cash flows; Virtusa’s failure to realize the intended
benefits of the Polaris delisting transaction, including the
inability to integrate Virtusa’s and Polaris’ business and
operations to realize the anticipated synergies and cost savings in
the expected amounts or within the anticipated time frames or cost
expectations or at all; Virtusa incurring unexpected costs or
liabilities in connection with the Polaris delisting offer and
related transactions; the possibility that Virtusa’s current or
future estimated guidance may differ materially from expectations;
Virtusa incurring unexpected costs or liabilities in connection
with the Polaris acquisition and delisting process; inability of
Virtusa to service the debt incurred by Virtusa to acquire Polaris
and the delisting process or to maintain compliance with certain
financial covenants under the loan facility; Virtusa’s ability to
integrate the operations of, and achieve expected synergies and
operating efficiencies in connection with, acquired businesses,
including eTouch; unanticipated acquisition related costs and
negative effects on Virtusa’s reported results of operations from
previous acquisitions; Virtusa’s failure to realize the intended
benefits of the Orogen convertible preferred stock financing, the
inability to pay cash dividends on the convertible preferred stock,
thus increasing the dilutive impact of the financing; the inability
of Virtusa to redeem the convertible preferred stock at maturity,
if there has been no conversion event prior to maturity; Virtusa’s
dependence on a limited number of clients as well as clients
located principally in the United States and United Kingdom and in
concentrated industries; currency exchange rate fluctuations of the
Indian and Sri Lankan rupee, the U.S. dollar, the U.K. pound
sterling, the Swedish krona, and the euro; the international nature
of our business; restrictions on immigration or changes in
immigration laws; Virtusa’s ability to hire and retain enough
sufficiently trained IT professionals to support its operations;
Virtusa’s ability to expand its business or effectively manage
growth; Virtusa’s ability to sustain profitability or maintain
profitable engagements; increasing competition in the IT services
outsourcing industry; Virtusa’s ability to attract and retain
clients and meet their expectations; quarterly fluctuations in
Virtusa’s earnings; client terminations or contracting delays, or
delays in revenue recognition in any reporting period; Virtusa’s
ability to successfully manage its billing and utilization rates
and its targeted on-site to offshore delivery mix; technological
innovation; Virtusa’s ability to effectively manage its facility,
infrastructure and capacity needs; regulatory, legislative and
judicial developments in Virtusa’s operations areas and Virtusa’s
ability to comply with changing or complex laws and maintain
effective internal controls to ensure ongoing compliance; the loss
of any key member of Virtusa’s senior management team, political or
economic instability in India or Sri Lanka; any reduction or
withdrawal of tax benefits provided to Virtusa by the governments
of India and Sri Lanka, or new legislation by such governments
which could be harmful to Virtusa; wage inflation and increases in
government mandated benefits in India and Sri Lanka;
telecommunications or technology disruptions; worldwide economic
and business conditions; and the volatility of the market price of
Virtusa’s common stock. For additional disclosure regarding these
and other risks faced by Virtusa, see the disclosure contained in
Virtusa’s public filings with the Securities and Exchange
Commission, including Virtusa’s Annual Report on Form 10-K for
the fiscal year ended March 31, 2018 and subsequent Quarterly
Reports on Form 10-Q, as filed with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20180618005814/en/
Media:GreenoughAmy Legere,
617-275-6517alegere@greenough.bizorInvestors:ICRWilliam
Maina, 646-277-1236william.maina@icrinc.com
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