Hitachi and Virtusa Partner to Advance AI in Financial Services
June 03 2019 - 9:00AM
Hitachi, Ltd. (TSE: 6501, Hitachi) and Virtusa Corporation (NASDAQ
GS: VRTU) a global provider of digital strategy, digital
engineering, and IT outsourcing services that accelerates business
outcomes for its clients, today announced a new partnership to
capitalize on the rapidly growing adoption of AI in financial
services. The agreement to collaborate on these digital solutions
was signed in April 2019.
Increasingly, financial services companies need to implement
emerging technologies like AI to stay competitive, identify new
clients, and serve new markets. Combining deep domain expertise
with digital solutions that use advanced technologies including AI
can help financial services organizations accelerate customer
acquisition rates, increase revenue by anticipating customer needs,
and deliver personalized offerings at the right time and at the
right location.
As part of the agreement, the two companies have established a
dedicated joint team based in Silicon Valley. The team will develop
new AI-based solutions that combine Hitachi’s advanced digital
technology and leading R&D capabilities with Virtusa’s deep
financial services industry knowledge and digital engineering
expertise.
Hitachi and Virtusa plan to launch the first jointly developed
AI solutions to financial services organizations in the United
States by early 2020.
The two companies will jointly market these new AI solutions to
both existing and new customers. Hitachi and Virtusa will also
collaborate on sales, delivery, and maintenance activities.
“The establishment of a new joint team in Silicon Valley will
accelerate the global expansion of digital solutions, taking
advantage of both companies’ strengths,” said Tsugio Yamamoto, vice
president, and executive officer Hitachi. “Hitachi will accelerate
the expansion of our solution menu working together with Virtusa,
as well as the enhancement of global delivery capabilities.”
“AI is an imperative for our clients to gain a competitive
advantage,” Kris Canekeratne, chairman and CEO, Virtusa. “Financial
services organizations have a significant opportunity to leverage
and deploy AI to gain significant competitive advantages. With this
partnership and through our deep digital capabilities we can help
more clients benefit from AI faster.”
In 2016, Hitachi and Virtusa agreed on a strategic
partnership in the global IT solution field.* This newly signed
partnership starts with the joint development of AI solutions for
financial services. Plans call for Hitachi and Virtusa to expand AI
solution development into additional industries and develop other
digital solutions in the next phase.
* News Release (March 29, 2016)Hitachi and
Virtusa Enter into Strategic Global Partnership to Offer Best of
Breed, Disruptive Business
Solutionshttps://www.virtusa.com/news-room/press-releases/article/2848/
About Hitachi,
Ltd.Hitachi, Ltd. (TSE: 6501), headquartered in
Tokyo, Japan, is focusing on Social Innovation Business combining
its operational technology, information technology, and products.
The company’s consolidated revenues for fiscal 2018 (ended March
31, 2019) totaled 9,480.6 billion yen ($85.4 billion), and the
company has approximately 296,000 employees worldwide. Hitachi
delivers digital solutions utilizing Lumada in five sectors,
including Mobility, Smart Life, Industry, Energy, and IT, to
increase our customer’s social, environmental, and economic value.
For more information on Hitachi, please visit the company’s website
at http://www.hitachi.com.
About Virtusa
CorporationVirtusa Corporation (NASDAQ GS: VRTU)
is a global provider of digital business transformation, digital
engineering, and information technology (IT) outsourcing services.
Using a combination of digital strategy, business implementation,
and IT platform modernization services, Virtusa helps clients drive
profitable growth and lead market disruption through digital first
client experiences. Founded in 1996 and headquartered in
Southborough, Mass., Virtusa serves Global 2000 companies in the
banking, financial services, insurance, healthcare,
telecommunications, media, entertainment, travel, manufacturing and
technology industries. For more information, visit:
www.virtusa.com.
© 2019 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.
Contact: Kirsten
ParagonaVirtusakparagona@virtusa.com978-434-7319
Ron Favali Conversion Marketing ron@conversionam.com
727-512-4490
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