Virinchi enters into contract with US firm

Virinchi Technologies, an e-business IT products and solutions company , has signed a multi-year contract with a US-based non-banking financial company.

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 million with an upward potential of $1.5 million a year.

In a press release here on Tuesday, Virinchi chief executive officer Viswanath Kompella stated that this was a "unique deal" for an Indian IT company.

The product has been developed entirely in "our Hyderabad development centre, indicating a significant milestone for the product development practice of Virinchi," he added.