fbpx

Virtusa Nominates Deborah C. Hopkins to Serve on Virtusas Board of Directors

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180618005814/en/