Virinchi Technologies Bags NBFC Contract
Virinchi Technologies, an e-business IT products and solutions company, has bagged a multi-year contract with a U.S. based non-banking financial company. The project involves deploying Virinchi’s homegrown product in Retail Lending Domain as Hosted Application Service to the client’s users. It will fetch minimum annual revenues of $1.25 million with an upward potential of $1.5 million per annum.
Viswanath Kompella, CEO, Virinchi said, “This is a unique deal for an Indian IT company in which a homegrown solution is being offered under Application Service Provision at $1.25 million per year. This product has been developed entirely in our Hyderabad development center.”
The U.S. retail micro lending industry, with more than 25,000 retail outlets, offers a business potential for IT services in excess of $60 million per annum. Virinchi, after this deal, caters to two of the top five players in the segment, emerging as an important global solution provider in this niche domain.
Anil Kumar Pinapala, North America Head, Virinchi, said, “The engagement with the client involves managed services including hosting, 24 X 7 production support services and an integrated Tier II customer support help desk. In this model Virinchi has ensured recurring revenue stream over the years, as it shall be a structured Long term Business Solution Provider vis- -vis simple One time software vendor.
Pinapala also added, “Virinchi currently has 4% of the market share and targets to capture 15% by end of 2008. As the only IT company in India in this segment offering a broad array of managed services and having the solution in both Java and .NET platforms, we have a distinct competitive advantage over our U.S. competitors in quality and depth of service offerings while giving highest value as the costs are kept in India.”
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