Virinchi spikes on inking five-year contract with Advance America

Virinchi Limited has signed a multi-product five-year contract with Advance America Inc for a period of five years. Advance America Inc is the largest company in the US in the alternate finance industry which delivers, maintains and hosts its flagship lending management software.

With this contract, Virinchi has grabbed the opportunity to serve more than 2,000 nationwide outlets in the US and also its complete online services portfolio, offering the entire product portfolio of Virinchi including Payday Loans, Title Loan, Personal Line of Credit, Instalment Loan, etc.

The incremental revenues from this contract with Advance America will be largely EBIDTA accretive to Virinchi. This contract mainly allows the company to get close to 40 per cent of the five-year revenues in the first five or six quarters of the contract period.

Virinchi is an information technology (IT) products and services company and is engaged in software development and research

Cheering the news, the Virinchi stock today jumped by almost 13 per cent and made an intra-day high of Rs 130 on the BSE.