Wednesday, November 30 2005 15:40 Hrs (IST) - World Time -

Mumbai: Virinchi Technologies Ltd on Tuesday said it has bagged a multi-year contract from a US-based Non-Banking Financial Company (NBFC).

The US-based company is listed on Fortune's Top 100 list of fastest growing companies, Virinchi informed the Bombay Stock Exchange.

The project involves deploying the company's homegrown product in 'Retail Lending Domain' as 'Hosted Application Service' (ASP model) to the client's users.

The project will fetch minimum annual revenues of $1.25 million with an upward potential of $1.5 million per annum, it said.

"This is a unique deal for an Indian IT company in which a home-grown solution is being offered under Application Service Provision at $1.25 million per year. This product has been developed entirely in our Hyderabad development center, indicating a significant mile stone for the product development practice of Virinchi," Virinchi Technologies CEO Viswanath Kompella said.