Virinchi Bags $1.25-mn US Contract

Virinchi Technologies, an e-business IT products and solutions company, has
signed a multi-year contract with an Atlanta, USA-based non-banking financial
company, which is in the Fortune Top 100 list of fastest growing companies. The
project involves deploying Virinchi's home grown product in "Retail Lending
Domain" as "Hosted Application Service" (ASP model) to the
client's users and will fetch minimum annual revenues of $1.25 mn with an upward
potential of $1.5 mn per annum.

Virinchi CEO, Viswanath Kompella said: "This is a unique
deal for an Indian IT company in which a homegrown solution is being offered
under Application Service Provision at US$1.25 mn per year. This product has
been developed entirely in our Hyderabad development center, indicating a
significant milestone for the product development practice of Virinchi."

Virinchi North America head, Anil Kumar Pinapala 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."