Virinchi Limited has signed a multi-product 5 year Contract with Advance America Inc, the largest company in USA in the Alternate Finance Industry to deliver, maintain and host its flagship Lending Management Software QFund™ for a period of 5 years.
QFund™ has already been associated with Advance America for about 1200 of their loan issuing outlets in the USA as on date, but post the new contract, Virinchi has the opportunity to service all of their 2000 plus nationwide outlets in USA and also their complete online services portfolio, offering the entire product portfolio of Virinchi including Payday Loans, Title Loan, Personal Line of Credit, Installment Loan etc.
Commenting on this Landmark Contract, CEO, Mr. Satyajeet Prasad said, "This is a significant achievement for QFund™ as post implementation, across our client base, we will be servicing almost 25% of the organized Alternate Finance Industry in the US helping the clients manage millions of micro loans. The incremental revenues from this contract with Advance America, will be largely EBIDTA accretive to Virinchi. More importantly this contract allows us to get close to 40% of the 5 year revenues in first five or six quarters of the contract period".
Shares of Virinchi Ltd was last trading in BSE at Rs.115.15 as compared to the previous close of Rs. 117.85. The total number of shares traded during the day was 27721 in over 258 trades.
The stock hit an intraday high of Rs. 120 and intraday low of 112.6. The net turnover during the day was Rs. 3232592.