Virinchi Technologies signs a Multi-year Application Service Agreement

Virinchi Technologies Ltd has announced that the Company is successful in signing a multi year application service agreement.

The Company informs the signing of a 3 year extension of Application Servicing agreement to one of the leading 'Retail Micro Lending' Companies based in UAS, whom the Company has been servicing for the past 18 months. The guaranteed annual revenues from this contract extension is estimated to be about USD 1.2 million with a potential for revenue of over USD 2 million per annum over the three-year period.

"The extension of the contract from one of the largest Companies in the industry shows the growing confidence and faith of clients on Virinchi's enterprise products and solutions and the long-term commitment they have with us," Anil Kumar Pinapala, Chief Executive Officer of the Company said. The ASP (Application Service Provisioning) model ensures a steady flow of revenue to the Company giving a greater revenue predictability and sustainability, Mr. Pinapala added.

The stock was trading at Rs.36.85, up by Rs.2.30 or 6.66%. The stock hit an intraday high of Rs.37.70 and low of Rs.34.70. The total traded quantity was 84055 compared to 2 week average of 111123.

Source : Equity Bulls

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