Document:

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                                                                   Exhibit 10.15

                         (PHOTO OF ONE HUNDRED RUPEES)

(Indian Characters) ANDHRA PRADESH

                             CO-DEVELOPER AGREEMENT

This Co-Developer Agreement is made and entered into at Hyderabad on 23rd day of
March, 2007 by and between:

ANDHRA PRADESH INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED, HYDERABAD, a
Government Company registered under the provisions of the Companies Act, 1956
and having its registered office at 6th Floor, Parisrama Bhavanam, Fateh Maidan
Road, Hyderabad - 500 004 (hereinafter referred to as 'DEVELOPER', which
expression shall unless repugnant to the context or meaning thereof include its
successors and assigns) of the ONE PART;

(APIIC Ltd. Stamp)                      (Virtusa (India) Private Limited Stamp)

                                                                          (SEAL)

<PAGE>

                                       AND

VIRTUSA INDIA PVT LTD, also a Company incorporated under the provisions of the
Companies Act, 1956 and having its registered office at 3rd Floor, My Home
Tycoon, Begumpet, Hyderabad-500016 (hereinafter referred to as 'Co-developer',
which expression shall unless repugnant to the context or meaning thereof
include its successors and assigns) of the OTHER PART;

WHEREAS 'Developer' is the absolute owner and in possession of the vacant land
measuring 20.53 acres at survey No. 115/part, Nanakramguda Village,
Serilingampally Mandal, Rangareddy District, Andhra Pradesh. Pursuant to the
grant of requisite approval by the Board of Approval, Ministry of Commerce,
Government of India (hereinafter referred to as BOA), the 'Developer' is
developing an IT/ITES Special Economic Zone (hereinafter referred to as SEZ) at
the said land as per the Approval Letter No. F.2/108/2006, EPZ, dated 16.06.2006
attached herewith as APPENDIX A with 97% of the SEZ as processing zone. The SEZ
is fully described and delineated in the site plan attached as APPENDIX B to
this Agreement;

Whereas the Government of Andhra Pradesh ("GoAP") had earlier entered into a
Memorandum of Understanding (MOU) dated 09.12.2004 with the Co-developer
wherein the GoAP directed the Developer to allot land bearing No. 115 measuring
6.32 acres situated at Nanakramguda Village, Serilingampally Mandal, R.R.
District, Andhra Pradesh (which is more fully described in the schedule
hereunder and hereinafter referred to as SECTOR A and shown in colour green in
the site plan annexed as APPENDIX B to this Agreement) to the Co-developer on
payment of the amount mentioned in MOU for the development of an IT Park.

                                                                               2

<PAGE>

Whereas prior to the commencement of construction by the Co-developer on the
Schedule Property, the Schedule Property was declared to be falling within the
SEZ.

AND WHEREAS since the Developer had already allotted the Schedule Property to
the Co-developer vide an Allotment Letter bearing No. Lr. No.
4042/PM(IPU)/APIIC/03 dated 15.01.2005 pursuant to the MOU, the 'Developer'
wishes to enter into an Lease Deed with the 'Co-developer' for development of
complete IT infrastructure on Sector A and for this purpose has granted a
perpetual lease of 99 years to 'Co-developer'.

Whereas The Developer has handed over the possession of Sector A to the Co
Developer to provide infrastructure facilities and undertake authorized
operations on Sector A.

AND WHEREAS 'Co-developer' will be responsible to apply to the BOA for being
approved as Co-developer in the SEZ for 'Sector A' under the provisions of the
Special Economic Zone's Act, 2005 (hereinafter referred to SEZ Act) and the
Rules and Regulations framed there under.

AND WHEREAS the 'Developer' undertakes to get the SEZ notified under subsection
(1) of section 4 of the Special Economic Zones Act, 2005 (28 of 2005) read with
rule 8 of the Special Economic Zones Rules, 2006.

AND WHEREAS 'Developer' and 'Co-developer' are desirous of reducing the
Co-Developer Agreement reached between them into writing.

                                                                               3
<PAGE>

NOW THIS AGREEMENT WITNESSETH AS UNDER:

1.   'Developer' and 'Co-developer' have agreed that the 'Co-developer' shall
     have the sole responsibility (including through its agents, contractors and
     subcontractors) for development of complete infrastructure for the
     operation of IT/ITES company and carrying out the authorized operations in
     'Sector A'. It shall be the responsibility of the 'Co-developer' for
     getting approval of BOA for all the proposed activities as 'authorised
     operations' and for which, the 'Developer' shall extend full co-operation.

2.   The 'Developer' shall provide support infrastructure at its own cost such
     as access road upto the periphery of 'Sector A', Power, water sewage upto
     the 'Sector A' boundary as per ICT Policy 2005-2010. The 'Co-developer'
     shall bear the cost of provision of power, water, sewerage and roads within
     'Sector A' periphery and shall have to bear the cost of consumption of
     water, power & sewerage. The 'Co-developer' shall pay the charges for
     various servicing and common facilities and also for up-keep and
     maintenance of Roads, water supply, drainage, sewage disposal, street
     lights within Sector A to the administration or some other agency as the
     case may be, failure in respect of which would entail the services being
     disconnected.

3.   The 'Developer' shall sign, without demur, such applications, no-objection
     certificates or any documents prescribed by any statute / government
     authority as may be required by the 'Co-developer' to obtain necessary
     statutory approvals, permissions etc. to carry out its obligations in
     accordance with the terms of this Agreement.

                                                                               4

<PAGE>

4.   The 'Co-developer' shall invest an amount of at least Rs. 67.5 crores in
     'Sector A' which will include investment in movable and immovable assets
     like plant and equipment, hardware and software deployed in creation of
     facilities/campus including lease premium of land and buildings inside
     'Sector A' and shall build a minimum of 250,000 Sq. Ft. of plug and play
     IT/ITES space in 'Sector A' from the date of commencement of construction
     and the entire project shall be completed over a period of 3 years from the
     date of commencement of construction.

5.   The 'Co-developer' shall commence construction/site infrastructure work of
     the project within 3 (three) months from the date of its official
     designation as 'Co-developer' by the BOA or upon receiving all statutory
     approvals to commence construction of the project, which ever is later.

6.   The 'Co-developer' shall have the sole and exclusive right with respect to
     'Sector A' portion of the SEZ including but not limited to all the
     developments thereon and to all revenues including advances and deposits
     etc. and 'Developer' shall have no rights or claim whatsoever on the same.
     The Co-developer shall be entitled to use the IT infrastructure project on
     completion and take all further steps necessary for the use of the IT
     Infrastructure project or units.

7.   The Co-developer shall be responsible for obtaining all requisite
     sanctions, approvals, clearance and permissions for development of Premises
     and construction of the infrastructure, building or erection

                                                                               5

<PAGE>

     of any structure in 'Sector A' and shall observe and conform to all laws,
     rules, regulations and byelaws of the state/ local authority concerned and/
     or any other statutory regulations in force including but not limited to
     conditions under the various environment related legislation, including,
     without limitation, as prescribed by the Pollution Control Board, and the
     terms and conditions of the Lease Agreement relating to the said
     construction / erection, at its own cost and expense.

8.   All costs, expenses, charges, etc. for the construction of the
     infrastructure, building or erection of any structure on Sector A and all
     matters connected with and incidental thereto, including expenses for
     preparation, submission and obtaining approval and sanction for the
     building plan, obtaining the occupation certificate and all other
     permissions and approvals shall be borne exclusively by the Co-developer.

9.   The Co-developer shall be solely responsible for compliance of and for
     discharging all obligations to or in connection with its employees, agents
     or contractors for payments including payment of wages / salaries,
     providing all amenities and benefits that may be required under the law for
     the time being in force, for any statutory liability arising out of
     employment or non-employment and for the safety and security of all
     personnel engaged and materials used by the Co-developer in the
     development of 'Sector A' and construction of infrastructure, building or
     erection of the structure and the Developer shall in no way be concerned
     with the same.

                                                                               6

<PAGE>

10.  The 'Co-developer' shall stay invested in the project till the completion
     of the project and any change in the said status during such period shall
     be made with prior approval of IT & C Department, GoAP and the 'Developer',
     which approval will not be unreasonably withheld.

11.  The 'Developer' shall not be responsible to any customers, vendors and any
     other parties in relation to 'Sector A' of SEZ and the 'Co-developer' shall
     keep 'Developer' indemnified against any claim(s) with reference to 'Sector
     A' unless the same is a result of any direct/indirect act of the
     'Developer'. The 'Developer' shall indemnify and keep indemnified the
     'Co-developer' in respect of any claim or liability incurred or suffered by
     the 'Co-developer' as a result of a breach of the terms of this Agreement
     by the 'Developer'.

12.  Part or all of any clause of this Agreement that is illegal, unlawful,
     unenforceable either at the inception of this Agreement or by virtue of any
     new laws, maybe severed, at the time of the same coming into effect or at
     the time of bringing of the same to the notice of the other party, from
     this Agreement and does not affect the continued operation of the remaining
     provisions of this Agreement.

13.  The failure of a party at any time to require full or partial performance
     of any provision of this Agreement does not affect in any way the full
     right of that party to require that performance subsequently. The waiver by
     any party of a breach of a provision of this Agreement is not deemed to be
     a waiver of all or part of that provision or of any other provision or of
     the right of that party to avail

                                                                               7
<PAGE>

     itself of its rights subsequently. Any waiver of a breach of this Agreement
     must be in writing signed by the party granting the waiver, and is
     effective only to the extent specifically set out in that waiver.

14.  The expression 'FORCE MAJEURE' shall mean and include:

          a.   war, hostilities (whether war declared or not) invasion, act of
               foreign enemies, rebellion, revolution, insurrection, military or
               usurped power, civil war, terrorism, riot and disorders, strike,
               lockout, labour unrest or other industrial disturbances
               (affecting the performance of this Agreement).

          b.   Ionizing radiation or contamination by radioactivity from any
               nuclear waste from the combustion of nuclear fuel, radioactive
               toxic explosive, or other hazardous properties of any explosive,
               nuclear assembly or nuclear component thereof.

          c.   Pressure waves caused by aircraft or other aerial devices
               traveling at sonic or at supersonic speeds;

          d.   earthquake, floods, subsidence, lightning or any operation of the
               forces of nature;

     Any other event such as changes in market conditions which impact the
     demand for built up office space and thus impair the ability of the
     Co-Developer to fulfill the obligations mentioned herein etc, which

                                                                               8

<PAGE>

     the Co-Developer could not reasonably be expected to control (but shall not
     include any event caused by failure to observe good construction, operation
     or maintenance practice nor any event caused by negligence in the provision
     of adequate supervision) which significantly delays or renders the
     agreement incapable of being performed, and which, even by the exercise or
     due diligence neither party is able to overcome;

     No party shall be liable to the other if, and to the extent, that the
     performance or delay in performance of any of its obligations under this
     Agreement is prevented, restricted, delayed or interfered as a result of a
     Force Majeure event. The party claiming the Force Majeure event shall
     notify the other party in writing and provide full particulars of the cause
     or event and the date of first occurrence thereof, as soon as possible
     after the event and also keep the other party informed of any further
     developments. The parties shall use their best efforts to remove the cause
     of non-performance and shall resume performance hereunder with utmost
     dispatch when such cause or event is removed. If the Force Majeure
     continues for a continuous period of three (3) months, the parties shall
     mutually discuss the future course of action available to them to resolve /
     rectify the Force Majeure event. Further, upon the happening of a Force
     Majeure event, the time period for completion of the project as set out
     hereinabove shall get automatically extended by the period for which the
     Force Majeure event subsists.

15.  The 'Developer' represents and warrants that there is no restriction on it
     entering into this Agreement with the 'Co-developer. Further,

                                                                               9

<PAGE>

     the representations and undertakings of the 'Developer' as set out in the
     Recitals to this Agreement shall form an integral part of this Agreement.

16.  A notice required or authorised to be given or served upon a party pursuant
     to this Agreement must be in writing in the English language and may be
     given or served by facsimile, prepaid post or delivered by hand to that
     party at the address of the party as specified herein above or such other
     address or facsimile number as the party may have notified in writing to
     the other party or parties:

17.  This Agreement is governed by the laws of India and Andhra Pradesh as the
     case may be. Subject to Clause 19, each party irrevocably submits to the
     jurisdiction of the courts of Hydrabad, Andhra Pradesh.

18.  No amendment to this Agreement has any force unless it is in writing and
     signed by the parties to this Agreement.

19.  In the event the disputes or differences are not resolved amicably, the
     same shall be referred to arbitration in accordance with The Indian
     Arbitration and Conciliation Act, 1996 or its successor legislation and
     shall be conducted in Hyderabad. The Arbitral Tribunal shall consist of
     three members, one each to be nominated by each Party and the Umpire to be
     nominated by the two arbitrators. The decision of the arbitrators shall be
     final and binding upon the parties. Any reference under this clause shall
     be deemed to be a reference to arbitration within the meaning of the Indian
     Arbitration and Conciliation Act, 1996 or its successor legislation.

                                                                              10

<PAGE>

                                    Sector A

Immovable Property bearing No. 115 Part admeasuring 6.32 acres situated at
Nanakramguda Village, Serilingampally Mandal, R.R. District, Andhra Pradesh and
bounded on the:
East by: Proposed 18.OM Wide Road
West by: Private Lands
North by: Proposed 45.OM Wide CDA M.P. Road
South by: Plot No.9

IN WITNESS WHEREOF THE PARTIES HAVE SIGNED THIS AGREMENT ON THE DAY, DATE AND
MONTH MENTIONED ABOVE.

'DEVELOPER'                             'CO-DEVELOPER'

(APIIC Ltd. Stamp)                      (Virtusa (India) Private Limited Stamp)
WITNESSES:

1.

2.

                                                                          (SEAL)

                                                                              11
<PAGE>

                                                                    APPENDIX - A

(SEAL)                                                                   (STAMP)

                              No. F.2/108/2006-EPZ
                               Government of India
                         Ministry of Commerce & Industry
                             Department of Commerce
                                  (SEZ Section)
                                      ...

                                                       Dated the 16th June, 2006

To,
     The Developer,
     Andhra Pradesh Industrial Infrastructure Corpn Ltd (APIIC),
     6th Floor, Parisrama Bhavan, Fateh Maidan Road.
     Basheerbagh, Hyderabad 500 004 (AP).

Subject: Setting up of a sector-specific Special Economic Zone for IT/ITES
         sector at Nanakramguda Village, Serilingampally Mandal,
         Rangareddy Dist, Andhra Pradesh - Reg

Sir(s),

     With reference to your above mentioned application, Government of India is
pleased to grant formal approval to your proposal for development, operation and
maintenance of a Special Economic Zone (SEZ), as per details given below:-

I. PROPOSAL and PROJECT DETAILS:- To set up a sector-specific Special Economic
Zone for IT/ITES sector over an area of 20.53 hectares at Nanakramguda Village,
Serilingampally Mandal, Rangareddy Dist, Andhra Pradesh

II. DEVELOPER:- M/s. Andhra Pradesh Industrial Infrastructure Corpn Ltd (APIIC)

III. General Conditions:

     (i)  The Developer shall develop, operate and maintain the Special Economic
          Zone in terms of the Special Economic Zones Act, 2005 and the rules
          made there-under.

     (ii) The Developer shall execute Bond-cum-Legal Undertaking as required
          under rules 12 and 22 of the Special Economic Zone Rule, 2006 for the
          authorised operations.

     (iii) The Developer shall obtain the required approval from various
          statutory authorities under relevant statutes and regulations of the
          Government of India and the State Government and local bodies.

     (iv) The Developer shall make adequate provision for rehabilitation of the
          displaced persons.

     (v)  The project shall be implemented and operated in terms of the Special
          Economic Zones Act, 2005 and the rules and orders made there-under.

     (vi) The Developer shall conform to the environmental requirements.

     (vii) The Developer shall abide by the local laws, rules, regulations or
          bye-laws in regard to area planning, sewerage disposal, pollution
          control, labour laws and the like as may be locally applicable.

     (viii) The Developer shall raise the required funds for the project.
          External commercial borrowing, if any, will be as per the guidelines
          of the Ministry of Finance, Department of Economic Affairs, Government
          of India, New Delhi.

<PAGE>

     (ix) This approval is valid for a period of three years within which time
          the Developer shall implement the project. The project implementation
          progress report will be submitted to Government of India every six
          months.

     (x)  This approval is liable to be suspended in case of violation of any of
          the terms and conditions stipulated herein.

     (xi) The operation and maintenance of the facilities will be made as per
          the standards specified in the proposal and to the satisfaction of the
          users.

     (xii) The Developer shall maintain adequate manpower to provide the
          facilities.

     (xiii) The user charges will be finalized in consultation with the
          Development Commissioner and the users. This shall be subject to
          revision as per the agreed terms.

     (xiv) The Developer shall obtain the approval of Board for specific
          activities proposed to be undertaken for development, operation and
          maintenance of Special Economic Zone. Based on the activities approved
          by the Board, the Developer shall be entitled for duty free import or
          domestic procurement of goods for the approved activities under rules
          10 after the Special Economic Zone has been notified.

     (xv) The authorized operations shall be carried out in terms of the
          parameters laid down in the Special Economic Zones Act, 2005 and the
          Rules and orders made there-under and in accordance with the proposal
          approved herein.

     (xvi) No duty free goods shall be available for personal use of, or
          consumption by officials, workers, staff or owners of the Unit or
          Developer.

     (xvii) Normally, no extension of validity period of three years for
          implementation of the project will be considered. Any request,
          however, may be considered by the Board, on merits. Such request shall
          be submitted to the Government six months before expiry of the
          approval period.

     (xviii) The developer shall construct a minimum built up processing area of
          One Lakh square meters.

2. This approval shall be also subject to other conditions as approved by the
Board.

3. The Developer may convey acceptance of all the terms and conditions indicated
above within thirty days from the date of issue of this letter. All future
correspondence may be addressed to the Director (SEZ), Department of Commerce,
Udyog Bhavan, New Delhi-11.

4. The Developer may send exact details of the area along with a map indicating
the Special Economic Zone area certified by the District Revenue Authorities for
notification in the Gazette of India.

5. The Developer shall furnish to the Development Commissioner. Visakhapatnam
Special Economic Zone returns on import, procurement and utilization of goods,
as provided for under the Special Economic Zone Rules, 2006.

                                        Yours faithfully,

                                        /s/ Yogendra Garg
                                        ----------------------------------------
                                        16.6.06
                                        (YOGENDRA GARG)
                                        Director
                                        Tel. (011) 2306 3434
                                        Email: v.garg@nic.in
<PAGE>

Copy to:

     1.   Central Board of Excise and Customs (Shri A.P. Sudhir, Member
          (Customs), Department of Revenue, North Block, New Delhi.

     2.   Central Board of Direct Taxes (Shri Arivnd Modi, joint Secretary
          (TPL-II)), Department of Revenue, North Block, New Delhi.

     3.   Ministry of Finance (Shri Amitab Verma, Joint Secretary), Banking
          Division, Department of Economic Affairs.

     4.   Department of Industrial Policy and Promotion (Shri Umesh Kumar, Joint
          Secretary).

     5.   Ministry of Science and Technology (Shri I.B.Singh, Adviser),
          Technology Bhavan, Mehrauli Road, New Delhi.

     6.   Ministry of Small Scale Industry (Shri Satyanand Mishra, Development
          Commissioner), Nirman Bhavan, New Delhi.

     7.   Ministry of Home Affairs (Shri L.C. Goyal, Joint Secretary), North
          Block, New Delhi

     8.   Ministry of Defence (Shri Anand Misra, Joint Secretary (Coordination).

     9.   Ministry of Environment and Forests (Shri R. Chandermohan, Joint
          Secretary), Pariyavaran Bhavan, CGO Complex, New Delhi - 3.

     10.  Legislative Department (Dr. V.K Bhasin, Joint Secretary and
          Legislative Counsel).

     11.  Ministry of Overseas Indian Affairs (Shri G. Gurucharan, Joint
          Secretary (FS), Akbar Bhawan, Chankyapuri, New Delhi.

     12.  Department of Urban Affairs, Town Country Planning Organisation, (Shri
          K.T. Gurumukhi, Chief Planner), Vikas Bhavan (E-Block), I.P. Estate,
          New Delhi.

     13.  Director General of Foreign Trade (Shri K.T. Chacko, DG), Department
          of Commerce, Udyog Bhavan, New Delhi.

     14.  Development Commissioner, Visakhpatnam Special Economic Zone,
          Visakhapatnam.

     15.  Govt. of Andhra Pradesh (Smt K. Rama Prabha, Secretary, Information
          Technology and Communication), 'D' Block, Room No. 431-A, A.P.
          Secretariat, Hyderabad - 500022

     Copy for information to: PPS to SS (GKP)/ PPS to JS (JD)/DS (RGS).
<PAGE>

                                                                      APPENDIX-B

              (PROPOSED LAY OUT PLAN OF I.T. PARK AT NANAKRAMGUDA)

WITNESS

1)

2)

                                                                          (SEAL)

<PAGE>

                                                                        SECTOR-A

SITE PLAN OF PLOT NO-10, IN SY.NO. 115/P ON I.T. PARK, SITUATED AT
NANAKRAMGUDA(V) R. R. DIST. A.P. ALLOTTED TO M/S. VIRTUSA (INDIA) PVT. LTD.

AREAS:-                                 REF:-

PLOT AREA: 25,577.04 SQ. MTS./          INCLUDED: ___________________________
           AC.6.32

                                        BOUNDARIES:-

                                        NORTH: PROP. 45.0M WIDE CDA M.P. ROAD
                                        SOUTH: PLOT NO. 9
                                        EAST:  PROP. 18.0M WIDE ROAD
                                        WEST:  PRIVATE LANDS.

              (PROPOSED LAY OUT PLAN OF I.T. PARK AT NANAKRAMGUDA)

WITNESS

1)

2)

                                                                          (SEAL)
<PAGE>

PHOTOGRAPHS AND FINGERPRINTS AS PER SECTION 32A OF REGISTRATION ACT, 1908

<TABLE>
<CAPTION>
FINGER PRINT IN                               NAME & PERMANENT POSTAL
BLACKINKLEFT      PASSPORT SIZE             ADDRESS OF PRESENTANT/OWNER
THUMB               PHOTOGRAPH                      /DEVELOPER
---------------   -------------   ----------------------------------------------
<S>               <C>             <C>
   (OVAL)             (BOX)       DEVELOPER

                                   1. APIIC LIMITED
                                      4TH FLOOR PARISRAMA BHAVAN,
                                      BASHEERBAGH,
                                      HYDERABAD - 500 004.
                                      REP. BY. PROJECT MANAGER (IPU)
                                      SRI D. PARDHASARADHI RAO
                                      S/O D.CH. B. VENKAT RAO

   (OVAL)             (BOX)       CO-DEVELOPER

                                   2  M/s. Virtusa (India) Private Limited,
                                      3rd Floor, MyHome Tycoon,
                                      Begumpet, Hyderabad-500 016.

                                  REP.BY: FINANCIAL CONTROLLER
                                          SRI M. HARI RAJU,
                                          S/O M. SIVA RAJU

   (OVAL)             (BOX)       SPL. POWER OF ATTORNEY TO (1)
                                  SPA NO.93/2003, DT. 27.6.2003

                                  3. SRI C. BALA SUBRAHMANYAM
                                     S/O CHEVURU PULLAIAH
                                     Manager (Development),
                                     APIIC,, Basheerbagh
                                     Hyderabad - 500 004
</TABLE>

SIGNATURE OF WITNESSES

1

2

<PAGE>

                         (PHOTO OF ONE HUNDRED RUPEES)

(Indian Characters) ANDHRA PRADESH

                                   LEASE DEED

THIS LEASE DEED ("DEED") IS MADE AND EXECUTED AT HYDERABAD ON THIS 26TH DAY OF
MARCH 2007.

                                 BY AND BETWEEN

ANDHRA PRADESH INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED, Hyderabad, a
Government Company registered under the provisions of the Companies Act, 1956
and having its registered office at 6th Floor, Parisrama Bhavanam, Fateh Maidan
Road, Hyderabad - 500 004 represented herein by Mr. D. Pardhasaradhi Rao,
Authorised Signatory (hereinafter referred to as APIIC/LESSOR', which expression
shall unless repugnant to the context or meaning thereof include its successors
and assigns) of the ONE PART;

(APIIC Ltd. Stamp)                      (Virtusa (India) Private Limited Stamp)

                                                                          (SEAL)

<PAGE>

                                       AND

VIRTUSA (INDIA) PRIVATE LIMITED, a company registered under the Companies Act,
1956, having its Registered Office at 3rd Floor, My Home Tycoon, Begumpet,
Hyderabad-500016, represented herein by its Financial Controller, Mr. M, Hari
Raju, vide resolution passed at the meeting of the Board of Directors/
Authorization dated ________________________________ (hereinafter referred to as
"VIRTUSA/LESSEE", which term shall unless the context requires otherwise include
its successors in office and assigns) of the OTHER PART

WHEREAS:

(1)  'Lessor' is the absolute owner and possessor of the vacant land measuring
     50.73 acres at survey No. 115/part, Nanakramguda Village, Serilingampally
     Mandal, Rangareddy District, Andhra Pradesh. Pursuant to the grant of
     requisite approval by the Board of Approval, Ministry of commerce,
     Government of India (hereinafter referred to as BOA), the
     Lessor/'Developer' is developing an IT/ITES Special Economic Zone
     (hereinafter referred to as SEZ) at the said land as per the Approval
     Letter No.F.2/108/2006-EPZ dated 16.6.2006 attached herewith as APPENDIX A
     with 97% of the SEZ as processing zone. The SEZ is fully described and
     delineated in the site plan attached as APPENDIX B to this Deed;

(2)  On the request of the Lessee, the 'Lessor' is agreeable to lease out 6.32
     acres of Land forming part of 50.73 acres at survey No. 115/part,
     Nanakramguda Village, Serilingampally Mandal, Rangareddy District, Andhra
     Pradesh morefully described in the Schedule hereunder and hereinafter
     referred to as SECTOR A shown in colour green in the site plan APPENDIX B
     to this Lease Deed on lease for 99 years to the 'Lessee' for development of
     complete IT infrastructure within the periphery of 'Sector A' as a
     co-developer for 'Sector A' portion of the SEZ.

(3)  The "Lessee" has agreed to take on lease 'Sector A' portion of SEZ subject
     to the terms and conditions hereafter appearing and to become a
     co-developer for the purpose of providing infrastructure facilities and
     undertake authorized operations in 'Sector A' of SEZ.

(4)  The 'Lessee' will be responsible to apply to the BOA for being approved as
     Co-developer in the SEZ for 'Sector A' under the provisions of the Special
     Economic Zone's Act, 2005 (hereinafter referred to SEZ Act) and the Rules
     and Regulations framed there under. 'Lessor' shall assist 'Lessee' in
     obtaining such approval by signing the required consent letter, documents
     etc.

(5)  The 'Lessor' undertakes to get the SEZ notified under subsection (1) of
     section 4 of the Special Economic Zones Act, 2005 (28 of 2005) read with
     rule 8 of the Special Economic Zones Rules, 2006.

(6)  Parties had entered into a MOU dated 9th December, 2004 ("MOU") and an
     Agreement to Sale dated 28th June, 2006 ("Agreement to Sale") containing
     the

                                        2

<PAGE>

     terms and conditions relating to the allotment and usage of Sector A, which
     form part of this Deed as specified in the relevant clause below.

NOW THIS LEASE DEED WITNESSETH AS FOLLOWS:

1.   GRANT OF LEASE & CONSIDERATION

     1.1  In consideration of the payment of Lease Premium amounting to Rs.
          2,29,19,190 (Rupees Two Crores Twenty Nine Lakhs Nineteen Thousand One
          Hundred and Ninety only) details of which are provided in Clause 1.2
          below and yearly rentals by the Lessee to the Lessor and the
          observance of terms and conditions hereinafter contained by the
          Lessee, the Lessor hereby demises to the Lessee and the Lessee hereby
          takes on lease, 'Sector A' as detailed in Appendix B, for a period of
          99 years commencing from 26/3/07 and ending on 25/3/2106 ("TERM"),
          subject to the conditions stipulated hereunder.

     1.2  In terms of Clause 3(a) and 3(b) of the MOU and Clause I of the
          Agreement to Sale, Lessee is entitled to an employee related rebate
          cum reduction of an amount equivalent to Rs.2,29,19,190 (Rupees Two
          Crores Twenty Nine Lakhs Nineteen Thousand One Hundred and Ninety
          only). It is further clarified that IT & C Department has confirmed
          that Lessee has employed 1247 eligible employees vide Lr.No.1863/IT
          &C/2004 dt. 18.03.2005 and that the Lessee has to further employ a
          minimum of 857 employees to claim full rebate on Lease Premium. To
          that extent the Lessee has furnished a Bank Guarantee No.
          021GTO2061170001 dt.27.4.2006 for Rs.93,35,500 (amount balance
          associated with remaining 857 eligible employee obligation) of HDFC
          Bank Limited, Hyderabad which is valid up to 27.4.2009. Lessee shall
          pay the annual lease rent of Rs.100/-(Rupees one hundred only) per
          year for 99 years on first of January of each year at the office of
          the Lessor.

     1.3  This lease shall be subject to Lessee getting the requisite approval
          from the Board of approval for becoming a co-developer of the 'Sector
          A' portion of SEZ. In case such status/permission is not granted
          within a period of 12 months from the date of this deed, whichever is
          earlier, this lease shall stand terminated from the date of refusal by
          the concerned authorities or 12 months whichever is earlier and the
          terms of the MOU and the Agreement to Sale shall prevail and be
          binding on Parties. Forthwith upon such termination, the Lessor shall
          refund all amounts whatsoever paid by the Lessee to the Lessor under
          this deed.

     1.4  The period of Lease shall be Ninety Nine (99) years and may be renewed
          as mutually agreed upon by the Parties on the same terms and
          conditions.

     1.5  The Lessor hereby represents and warrants to the Lessee that (a) it is
          the sole, legal and absolute owner of 'Sector A' with uninhibited
          rights of alienation over the same and no others whomsoever have any
          manner of subsisting rights, title or interest or have or will have
          any claims, in respect

                                        3
<PAGE>

          of 'Sector A', and (b) 'Sector A' can be used in all respects for the
          purposes contemplated hereunder.

     1.6  The Lessee may exercise the option to purchase 'Sector A' at any time
          during the tenure of this Lease Deed, if the same is permitted under
          SEZ Act, 2005. The Lessor undertakes that in the event the Lessee
          exercises its option to purchase 'Sector A', it shall allot the same
          on outright sale basis in favour of the Lessee as per the terms and
          conditions contained in the MOU and the Agreement to Sale.

2.   COVENANTS BY THE LESSOR

     The Lessor hereby covenants that:

     2.1  Lessor will gel the SEZ notified under subsection (1) of section 4 of
          the Special Economic Zones Act, 2005 (28 of 2005) read with rule 8 of
          the Special Economic Zones Rules, 2006.

     2.2  The 'Lessor' shall provide support infrastructure at its own cost such
          as access road upto the periphery of 'Sector A', Power, water sewage
          upto the 'Sector A' boundary as per ICT Policy 2005-2010. The 'Lessee'
          shall bear the cost of provision of power, water, sewerage and roads
          within 'Sector A' periphery and shall have to bear the cost of
          consumption of water, power & sewerage. The 'Lessee' shall pay the
          charges for various servicing and common facilities and also for
          up-keep and maintenance of Roads, water supply, drainage, sewage
          disposal, street lights to the administration or some other agency as
          the case may be, failure in respect of which would entail the services
          being disconnected.

     2.3  The 'Lessor' shall facilitate development of infrastructure for entire
          SEZ in an integrated manner in consultation with the 'Lessee' and
          other co-developers and shall provide a mutually agreed integrated
          infrastructure scheme in SEZ so that the 'Lessee' could provide all
          infrastructure services, within 'Sector A' in consonance with the
          integrated infrastructure scheme in SEZ.

     2.4  The Lessor shall ensure that the Lessee shall peacefully and quietly
          use and enjoy, in accordance with the terms of this Lease Deed, the
          'Sector A', without interruption or disturbance by the Lessor or any
          person lawfully or otherwise claiming by or through or under the
          Lessor during the currency of this Deed.

     2.5  The Lessor shall sign, without demur, such applications, no-objection
          certificates or any documents prescribed by any statute / government
          authority as may be required by the Lessee to obtain necessary
          statutory approvals, permissions etc. to carry out its use of 'Sector
          A' in accordance with the terms of this Deed.

     2.6  The 'Lessee' is entitled to seek various approvals and clearances in
          relation to the development and construction of infrastructure within

                                        4

<PAGE>

          'Sector A' and to create mortgage, land in 'Sector A' (with prior
          written consent of "Lessor', which shall not be unreasonably withheld)
          in favor of the financial institutions/banks for extending loans and
          other facilities to the 'Lessee' in relation to the co-development of
          'Sector A'. The Lessee shall be entitled to create a mortgage or other
          charge whatsoever, over (a) its rights under this Lease Deed, and/or
          (b) its rights over the infrastructure and/or the buildings in 'Sector
          A', without any restriction whatsoever, with prior written consent of
          Lessor (which shall not be unreasonable withheld).

     2.7  The Lessor agrees to consider any successor, transferee or assignee of
          the Lessee including by reason of any scheme of reconstruction,
          merger, demerger and any other change may be substituted in place of
          the Lessee subject to the terms of this Lease Deed and the provisions
          of the Special Economic Zone's Act, 2005 (hereinafter referred to SEZ
          Act) and the Rules and Regulations framed there under.

     2.8  The Lessor shall not alienate, encumber or transfer any rights or
          interest whatsoever in 'Sector A', in favor of any person during the
          period of lease subject to clause 2.6 mentioned hereinabove.

3.   DEVELOPMENT OF 'SECTOR A'

     3.1  Lessee shall have the sole responsibility (including through its
          agents, contractors and subcontractors) for development of complete
          infrastructure for operation of IT/ITES companies and carrying out the
          authorized operations in 'Sector A'.

     3.2  Each Party hereby for itself and all persons deriving or claiming any
          right, title or interest under it (collectively the "Indemnitor")
          covenant, agree and undertake with the other Party its successors and
          all persons claiming under it (collectively the "Indemnitee") that the
          Indemnitor shall and will from time to time and at all times
          throughout hereafter save harmless, indemnify and keep indemnified the
          Indemnitee and their respective estates and effects against all
          actions, suits, proceedings, claims, demands, costs, charges,
          expenses, damages, penalties or payments that may be taken or made by
          any authority or by anyone whomsoever for any breach by the Indemnitor
          or by any one whomsoever under the instructions of an Indemnitor or on
          their behalf or for them of any provisions of this Deed.

4.   COVENANTS OF THE LESSEE

     The 'Lessee' shall invest a minimum amount as agreed upon in Clause 2 (d)
     of the MOU in 'Sector A' which will include investment in movable and
     immovable assets and construction buildings, plant and equipment, hardware
     and software deployed in creation facilities/campus inside 'Sector A' and
     shall build a minimum of 2,50,000 Sq. Ft. of IT/ITES space in 'Sector A' in
     phases, and the entire project shall be completed over a period of 3 years
     from the date of obtaining possession of 'Sector A'. The Lessee shall
     ensure employment generation as agreed upon in the MOU.

                                        5

<PAGE>

     4.1  The 'Lessee' shall commence construction/site infrastructure work of
          the project within 6 months from the date of taking possession of
          'Sector A' or upon receiving all statutory approvals to commence
          construction of the project, which ever is later. It is hereby agreed
          that as of the date of this Deed, Lessee is in full compliance with
          this Section.

     4.2  The 'Lessee' shall utilize 'Sector A' for the purpose for which it is
          leased i.e., for IT or ITES purposes and not for any other purpose.

     4.3  The 'Lessee' undertakes to inform 'Lessor' about the details of
          Finance(s) raised (if any) on the security of 'Sector A', from time to
          time till the Loan(s) is/are re-paid to the financial agencies.

     4.4  The Lessee shall have (a) the right to sub-lease / license out 'Sector
          A' and any development / infrastructure constructed thereon either in
          whole or in part(s) to one or more units and shall keep the Lessor
          informed in advance.

     4.5  The Lessee shall pay all Taxes, charges, rates, and outgoings of
          whatsoever in respect of the Sector A premises to the competent
          authorities.

     4.6  The Lessee shall insure all the buildings together with all fittings &
          fixtures, machines etc. with any Insurance Company for loss due to
          fire, earthquake, storm, flood etc. through out the period of lease.

5.   STAMP DUTY & REGISTRATION

          All expenses with respect to execution and registration of this Lease
          Deed shall be paid by the Lessee including stamp duty, registration
          charges or any other statutory fee or charges required to be paid
          under applicable law to complete the transaction envisaged under this
          Lease Deed. Subject to the terms hereof, all formalities relating to
          registration of this Lease Deed shall be commenced forthwith upon
          execution of this Deed, and shall in any event be completed within a
          period of _______________ days from the date of execution of this
          Lease Deed.

6.   MISCELLANEOUS PROVISIONS

     6.1  Time is of the essence with respect to all of the terms and conditions
          of this Lease Deed.

     6.2  The parties have agreed that the Deed shall not alter, amend or
          terminate any of the provisions of the Agreement to Sale or the MOU.
          In the event of the termination of the Deed for any reason whatsoever
          including breach of the Deed, the parties shall revert to the
          Agreement to Sale/MOU and the terms of the Agreement to Sale/MOU shall
          be binding on the Parties. Further, in case of a conflict between the
          terms of the Deed and the Agreement to Sale, the terms of the
          Agreement to Sale shall prevail.

                                        6

<PAGE>

     6.3  Failure by either Party to enforce any provision of this Lease Deed
          shall not constitute a waiver or affect a respective Party's right to
          require the future performances thereof, nor shall either Party's
          waiver of any breach of any provision of this Lease Deed constitute a
          waiver of any subsequent breach or nullify the effectiveness of any
          provision.

          Any delay in completion of the project on any reason, during the
          period of lease, shall be treated as significant event of default of
          the Lessee under this lease deed, leading to the termination of this
          lease deed. In case of such a delay, the 'Lessor' shall notify the
          'Lessee' of such default in writing and shall call upon the 'Lessee'
          to rectify the same within a period of 180 (one hundred eighty) days
          from the date of Lessor's written notice to Lessee. In the event such
          default is not rectified within such stipulated time, the 'Lessor' is
          entitled terminate this lease deed forthwith.

     6.4  In the event that any provision of this Lease Deed shall be held
          invalid as contrary to any law, statute or regulation in that regard,
          the validity of any other provision of this Lease Deed shall not be
          affected and each and every provision shall be severable from each and
          every other.

     6.5  The Lessor and Lessee shall not be liable as per MOU, the Allotment
          Letter, and this Deed for any delay or default in compliance of any of
          the terms thereof, which is solely attributable to causes beyond their
          control. If delay is caused in such an event, the period for
          compliance shall be extended by the period of such delay. If, due to
          such causes, either party, using reasonable, good faith efforts, is
          not able to implement the provisions of the MOU, the Allotment of the
          Schedule Land and this Deed, then neither party shall be liable to the
          other and in such an event Lessor shall refund to Lessee all amounts
          paid to the Lessor in connection with the Schedule Land and the
          parties shall resume status quo ante as per APIIC allotment
          regulations.

     6.6  The Lessor and Lessee are independent contractors, independent of one
          another and neither has the authority to bind the other to any third
          party or otherwise to act as the representative of the other unless
          otherwise expressly agreed to in writing by both parties hereto.

     6.7  Notice under this Lease Deed will be in writing and will, for all
          purposes, be deemed to have been fully given and received when
          actually received and they will be sent by registered or certified
          mail, return receipt request, postage prepaid, (unless otherwise
          provided) properly addressed, to the respective parties hereto at the
          following addresses, or at such other address for either party as may
          be specified by the such party to such purpose, or by telefax and
          confirmed by hardcopy mailed to the recipient:

The LESSOR                              APIIC LTD

                                        [4th Floor, Parisrama Bhavan, Basheer
                                        Bagh, Hyderabad - 500 004
                                        Attention: D. Pardhasaradhi Rao,

                                        7

<PAGE>

                                        Project Manager (IPU),

                                        Facsimile Number: 040 - 23240205

LESSEE                                  VIRTUSA INDIA PRIVATE LIMITED

                                        3rd Floor, My Home Tycoon,
                                        Begumpet, Hyderabad-500016
                                        Attention: Mr. Hari Raju

                                        Facsimile Number: 040-2341 2310

     6.8  If any dispute or difference shall at any time arise between the
          Parties to this Lease Deed or under any clause or their respective
          rights, claims or liabilities hereunder or otherwise in any manner
          whatsoever, in relation to or arising out of or concerning this Lease
          Deed, the Parties shall promptly and in good faith negotiate with a
          view to arrive at an amicable resolution and settlement. In the event
          no amicable resolution or settlement is reached within a period of 30
          days from the date of commencement of discussions, subject to the
          provisions of SEZ Act and without in any manner affecting the rights
          of the authorities under the said Act, such disputes and/or
          differences shall be referred to arbitration whereby each Party hereto
          shall appoint one arbitrator and the two arbitrators so appointed
          shall appoint a third arbitrator to act as the presiding arbitrator.
          If the two arbitrators fail to appoint a third arbitrator, then the
          third arbitrator shall be appointed as per the Arbitration and
          Conciliation Act, 1996 and any amendments or modifications thereto.
          The arbitration proceedings shall be held in Hyderabad in accordance
          with the provisions of the Arbitration and Conciliation Act, 1996 and
          the findings of the arbitrator(s) shall be final and binding on the
          Parties. The proceedings shall be conducted in the English language.
          During the period of any dispute under this Agreement, through the
          date of final adjudication or settlement, as the case may be, neither
          party shall have the right to terminate this Agreement.

     6.9  The Parties shall bear the cost of appointing their respective
          arbitrators and the costs incurred towards the appointment of the
          third arbitrator shall be borne by both the Parties equally.

     6.10 This Lease Deed shall be governed by Indian Law and subject to Clause
          6.10 above, the courts of law in Hyderabad will have exclusive
          jurisdiction in any matter arising from or relating to this Deed to
          the exclusion of all other Courts that may have had jurisdiction in
          the matter.

     6.11 Counterparts: This Lease Deed has been executed in duplicate, each of
          which shall be deemed an original but all of which together shall
          constitute but one and same instrument.

                                        8

<PAGE>

                          SCHEDULE PROPERTY - Sector A

District: Ranga Reddy                   Mandal: Serilingampally

Village: Nanakramguda                   Municipality: Serilingampally

Land measuring 6.32acres, situated in Survey No. 115/Part of Nanakramguda
Village Serilingampally Mandal, R R District

East by: Proposed 18.0M Wide Road
West by: Private Lands
North by: Proposed 45.0M Wide CDA M.P.Road
South by: Plot No.9

IN WITNESS WHEREOF, the parties hereto above have caused this Deed to be
executed as on the day mentioned herein above.

SIGNED AND DELIVERED by the within                      (APIIC Ltd. Stamp)
named LESSOR (ANDHRA PRADESH
INDUSTRIAL INFRASTRUCTURE CORPORATION
LIMITED) through its Authorized
Signatory

Mr.                                     SIGN & DATE
    ---------------------------------
in the presence of

Mr.                                     SIGN & DATE
    --------------------------------
SIGNED  AND  DELIVERED  by  the                         (Virtusa (India) Private
within named LESSEE (VIRTUSA INDIA                      Limited Stamp)
PRIVATE LIMITED) through its authorized
signatory;

Mr.                                     SIGN & DATE
    ---------------------------------
in the presence of

Mr.                                     SIGN & DATE
    ---------------------------------

                                                                          (SEAL)

                                        9
<PAGE>

                                                                    APPENDIX - A

(SEAL)                                                                   (STAMP)

                              No. F.2/108/2006-EPZ
                               Government of India
                         Ministry of Commerce & Industry
                             Department of Commerce
                                  (SEZ Section)

                                                       Dated the 16th June, 2006

To,
     The Developer,
     Andhra Pradesh Industrial Infrastructure Corpn Ltd (APIIC),
     6th Floor, Parisrama Bhavan, Fateh Maidan Road,
     Basheerbagh, Hyderabad 500 004 (AP).

Subject: Setting up of a sector-specific Special Economic Zone for IT/ITES
         sector at Nanakramguda Village, Serilingampally Mandal,
         Rangareddy Dist, Andhra Pradesh - Reg

Sir(s),

     With reference to your above mentioned application, Government of India is
pleased to grant formal approval to your proposal for development, operation and
maintenance of a Special Economic Zone (SEZ), as per details given below:-

I. PROPOSAL and PROJECT DETAILS:- To set up a sector-specific Special Economic
Zone for IT/ITES sector over an area of 20.53 hectares at Nanakramguda Village,
Serilingampally Mandal, Rangareddy Dist, Andhra Pradesh

II. DEVELOPER:- M/s. Andhra Pradesh Industrial Infrastructure Corpn Ltd (APIIC)

III. General Conditions:

     (i)  The Developer shall develop, operate and maintain the Special Economic
          Zone in terms of the Special Economic Zones Act, 2005 and the rules
          made there-under.

     (ii) The Developer shall execute Bond-cum-Legal Undertaking as required
          under rules 12 and 22 of the Special Economic Zone Rule, 2006 for the
          authorised operations.

     (iii) The Developer shall obtain the required approval from various
          statutory authorities under relevant statutes and regulations of the
          Government of India and the State Government and local bodies.

     (iv) The Developer shall make adequate provision for rehabilitation of the
          displaced persons.

     (v)  The project shall be implemented and operated in terms of the Special
          Economic Zones Act, 2005 and the rules and orders made there-under.

     (vi) The Developer shall conform to the environmental requirements.

     (vii) The Developer shall abide by the local laws, rules, regulations or
          bye-laws in regard to area planning, sewerage disposal, pollution
          control, labour laws and the like as may be locally applicable.

     (viii) The Developer shall raise the required funds for the project.
          External commercial borrowing, if any, will be as per the guidelines
          of the Ministry of Finance, Department of Economic Affairs, Government
          of India, New Delhi.

<PAGE>

     (ix) This approval is valid for a period of three years within which time
          the Developer shall implement the project. The project implementation
          progress report will be submitted to Government of India every six
          months.

     (x)  This approval is liable to be suspended in case of violation of any of
          the terms and conditions stipulated herein.

     (xi) The operation and maintenance of the facilities will be made as per
          the standards specified in the proposal and to the satisfaction of the
          users.

     (xii) The Developer shall maintain adequate manpower to provide the
          facilities.

     (xiii) The user charges will be finalized in consultation with the
          Development Commissioner and the users. This shall be subject to
          revision as per the agreed terms.

     (xiv) The Developer shall obtain the approval of Board for specific
          activities proposed to be undertaken for development, operation and
          maintenance of Special Economic Zone. Based on the activities approved
          by the Board, the Developer shall be entitled for duty free import or
          domestic procurement of goods for the approved activities under rules
          10 after the Special Economic Zone has been notified.

     (xv) The authorized operations shall be carried out in terms of the
          parameters laid down in the Special Economic Zones Act, 2005 and the
          Rules and orders made there-under and in accordance with the proposal
          approved herein.

     (xvi) No duty free goods shall be available for personal use of, or
          consumption by officials, workers, staff or owners of the Unit or
          Developer.

     (xvii) Normally, no extension of validity period of three years for
          implementation of the project will be considered. Any request,
          however, may be considered by the Board, on merits. Such request shall
          be submitted to the Government six months before expiry of the
          approval period.

     (xviii) The developer shall construct a minimum built up processing area of
          One Lakh square meters.

2. This approval shall be also subject to other conditions as approved by the
Board.

3. The Developer may convey acceptance of all the terms and conditions indicated
above within thirty days from the date of issue of this letter. All future
correspondence may be addressed to the Director (SEZ), Department of Commerce,
Udyog Bhavan, New Delhi-11.

4. The Developer may send exact details of the area along with a map indicating
the Special Economic Zone area certified by the District Revenue Authorities for
notification in the Gazette of India.

5. The Developer shall furnish to the Development Commissioner. Visakhapatnam
Special Economic Zone returns on import, procurement and utilization of goods,
as provided for under the Special Economic Zone Rules, 2006.

                                        Yours faithfully,

                                        /s/ Yogendra Garg
                                        ----------------------------------------
                                        16.6.06
                                        (YOGENDRA GARG)
                                        Director
                                        Tel. (011) 2306 3434
                                        Email: y.garg@nic.in

<PAGE>

Copy to:

     1.   Central Board of Excise and Customs (Shri A.P. Sudhir, Member
          (Customs), Department of Revenue, North Block, New Delhi.

     2.   Central Board of Direct Taxes (Shri Arivnd Modi, Joint Secretary
          (TPL-II)), Department of Revenue, North Block, New Delhi.

     3.   Ministry of Finance (Shri Amitab Verma, Joint Secretary), Banking
          Division, Department of Economic Affairs.

     4.   Department of Industrial Policy and Promotion (Shri Umesh Kumar, Joint
          Secretary).

     5.   Ministry of Science and Technology (Shri I.B.Singh, Adviser),
          Technology Bhavan, Mehrauli Road, New Delhi.

     6.   Ministry of Small Scale Industry (Shri Satyanand Mishra, Development
          Commissioner), Nirman Bhavan, New Delhi.

     7.   Ministry of Home Affairs (Shri L.C. Goyal, Joint Secretary), North
          Block, New Delhi

     8.   Ministry of Defence (Shri Anand Misra, Joint Secretary (Coordination).

     9.   Ministry of Environment and Forests (Shri R. Chandermohan, Joint
          Secretary), Pariyavaran Bhavan, CGO Complex, New Delhi - 3.

     10.  Legislative Department (Dr. V.K Bhasin, Joint Secretary and
          Legislative Counsel).

     11.  Ministry of Overseas Indian Affairs (Shri G. Gurucharan, Joint
          Secretary (FS), Akbar Bhawan, Chankyapuri, Now Delhi.

     12.  Department of Urban Affairs, Town Country Planning Organisation, (Shri
          K.T. Gurumukhi, Chief Planner), Vikas Bhavan (E-Block), LP. Estate,
          New Delhi.

     13.  Director General of Foreign Trade (Shri K.T. Chacko, DG), Department
          of Commerce, Udyog Bhavan, New Delhi.

     14.  Development Commissioner, Visakhpatnam Special Economic Zone,
          Visakhapatnam.

     15.  Govt. of Andhra Pradesh (Smt K. Ratna Prabha, Secretary, Information
          Technology and Communication), 'D' Block, Room No. 431-A, A.P.
          Secretariat, Hyderabad - 500022

     Copy for information to: PPS to SS (GKP)/ PPS to JS (JD)/DS (RGS).
<PAGE>

                                                                      APPENDIX B

              (PROPOSED LAY OUT PLAN OF I.T. PARK AT NANAKRAMGUDA)

WITNESS

1)

2)

                                                                          (SEAL)
<PAGE>

                                                                        SECTOR-A

SITE PLAN OF PLOT NO. 10, IN SY.NO.115/P ON I.T. PARK, SITUATED AT
NANAKRAMGUDA(V) R.R. DIST. A.P. ALLOTTED TO M/s. VIRTUSA (INDIA) PVT. LTD.

AREAS:-                                 REF:-

PLOT AREA: 25,577.04 SQ.MTS./           INDLUDED: ______________________________
           Ac. 6.32

                                        BOUNDARIES:-

                                        NORTH: PROP. 4-5.0M WIDE CDA M-P. ROAD
                                        SOUTH: PLOT NO.9
                                        EAST:  PROP. 18.0M WIDE ROAD
                                        WEST:  PRIVATE LANDS.

              (PROPOSED LAY OUT PLAN OF I.T. PARK AT NANAKRAMGUDA)

WITNESS:-

1)

2)

                                                                       (SEAL)
<PAGE>

PHOTOGRAPHS AND FINGERPRINTS AS PER SECTION 32A OF REGISTRATION ACT, 1908

<TABLE>
<CAPTION>
FINGER PRINT IN                              NAME & PERMANENT POSTAL
  BLACKINKLEFT    PASSPORT SIZE              ADDRESS OF PRESENTANT /
     THUMB          PHOTOGRAPH                  OWNER /DEVELOPER
---------------   -------------   --------------------------------------------
<S>               <C>             <C>
   (OVAL)             (BOX)       LESSOR

                                  l. APIIC LIMITED 4TH FLOOR PARISRAMA BHAVAN,
                                     BASHEERBAGH,
                                     HYDERABAD - 500 004.
                                     REP. BY, PROJECT MANAGER (IPU)
                                     SRI D. PARDHASARADHI RAO
                                     S/O D.CH. B. VENKAT RAO

   (OVAL)             (BOX)       LESSEE

                                  2. M/s. Virtusa (India) Private Limited,
                                     3rd Floor, MyHome Tycoon, Begumpet,
                                     Hyderabad - 500 016.

                                  REP.BY: FINANCIAL CONTROLLER
                                          SRI M. HARI RAJU,
                                          S/O M. SIVA RAJU

   (OVAL)             (BOX)       SPL.POWER OF ATTORNEY TO (1)
                                  SPA NO. 93/2003, DT. 27.6.2003

                                  3. SRI C. BALA SUBRAHMANYAM
                                     S/O CHEVURU PULLAIAH
                                     Manager (Development),
                                     APIIC,, Basheerbagh
                                     Hyderabad - 500 004
</TABLE>

SIGNATURE OF WITNESSES

1

2<PAGE>

                                                                   Exhibit 10.19

                                PLEDGE AGREEMENT

     This Pledge Agreement (this "Agreement") is entered into as of January 31,
2007 by and between SILICON VALLEY BANK ("Bank") and SKILLSOFT CORPORATION
("Pledgor").

                                    RECITALS

     Pledgor and Bank are parties to a Loan and Security Agreement dated July
23, 2004 (as amended and modified from time to time the "Loan Agreement").
Capitalized terms used but not otherwise defined herein shall have the meanings
given them in the Loan Agreement. Pursuant to the Loan Agreement, Pledgor
established a Letter of Credit Sublimit for the issuance of letters of credit by
Bank.

     Pursuant to the Loan Agreement, Borrower granted to Bank a security
interest in the Collateral to secure the prompt payment and performance of the
Obligations.

     Bank has issued under the Letter of Credit Sublimit that certain standby
letter of credit number: SVBSF002987 in the amount of $15,450,000 naming
Borrower as applicant in favor of Valley National Bank, as Escrow Agent for
Bernstein Litowitz Berger & Grossman LLP and Berman Devalerio Pease Tabacco Burt
& Pucillo as beneficiary (the "Letter of Credit").

     Pledgor has requested that Bank not renew the Credit Limit under the Loan
Agreement, release its security interest in the Collateral other than the
Pledgor Collateral (as defined below), and continue to maintain the Letter of
Credit.

     Bank has agreed to terminate the Loan Agreement, release its security
interest in the Collateral other than the Pledgor Collateral, and continue the
Letter of Credit on the condition that Pledgor confirms that "Obligations" (1)
include Borrower's (a) continued indemnification obligation that survives
termination of the Loan Agreement, (b) obligation to reimburse Bank for (x) any
amounts actually paid by Bank pursuant to a draw under the Letter of Credit and
(y) any Bank Expenses and (2) are secured by that certain certificate of deposit
more fully described on Exhibit A attached hereto (the "Pledgor Collateral").

                                    AGREEMENT

     The parties agree as follows:

1.   REPRESENTATIONS AND WARRANTIES

     Pledgor represents and warrants as follows:

     1.1 Due Organization and Qualification. Pledgor is duly existing and in
good standing under the laws of its state of formation and is qualified and
licensed to do business in, and is in good standing in, any state in which the
conduct of its business or its ownership of property requires that it be so
qualified.

     1.2 Due Authorization; No Conflict. The execution, delivery, and
performance of this Agreement are within Pledgor's powers, have been duly
authorized, and neither conflict with nor constitute a breach of any provision
contained in Pledgor's formation documents or bylaws, nor will they constitute
an event of default under any material agreement to which Pledgor is a party or
by which Pledgor is bound.

     1.3 Reaffirmation and Grant of Security Interest; No Prior Encumbrances;
Reaffirmation of Pledge. Pledgor (a) reaffirms the security interest granted to
Bank under the Loan Agreement continues and hereby grants to Bank a continuing
security interest in the Pledgor Collateral and (b) has good title to the
Pledgor Collateral, free and clear of any liens, security interests, or other
encumbrances other than the security interest in favor of Bank.

                                        1

<PAGE>

     1.4 Litigation. There is no action, suit or proceeding affecting Pledgor
pending or threatened before any court, arbitrator, or governmental authority,
domestic or foreign, which may have a material adverse effect on the ability of
Pledgor to perform its obligations under this Agreement.

     1.5 Solvency. The incurrence of Pledgor's obligations under this Agreement
will not cause Pledgor to (a) become insolvent; (b) be left with unreasonably
small capital for any business or transaction in which Pledgor is presently
engaged or plans to be engaged; or (c) be unable to pay its debts as such debts
mature.

2.   AFFIRMATIVE COVENANTS

     Pledgor covenants and agrees that, until payment in full in cash of the
Obligations, Pledgor shall do all of the following:

     2.1 Good Standing. Maintain its existence and its good standing in its
jurisdiction of formation and maintain qualification in each jurisdiction in
which the failure to so qualify could have a material adverse effect on
Pledgor's business.

     2.2 Government Compliance. Comply with all statutes, laws, ordinances and
government rules and regulations to which it is subject, noncompliance with
which could have a material adverse effect on Pledgor's business.

     2.3 Fees and Costs. Pay all Bank Expenses incurred through and after the
date of this Agreement.

     2.4 Delivery of Additional Documentation Required. Execute and deliver to
Bank, at the request of Bank, all financing statements and other documents that
Bank may reasonably request, in form satisfactory to Bank, to perfect and
continue the perfection of Bank's security interest in the Pledgor Collateral.
Pledgor authorizes Bank to file financing statements without notice to Pledgor,
in all appropriate jurisdictions, as Bank deems appropriate, to perfect or
protect Bank's interest in the Pledgor Collateral.

3.   NEGATIVE COVENANTS

     Pledgor covenants and agrees that, until the payment in full in cash of the
Obligations, Pledgor shall not do any of the following:

     3.1 Dispositions. Convey, sell, lease, transfer, pledge, assign control
over or otherwise dispose of all or any part of the Pledgor Collateral.

     3.2 Encumbrances. Create, incur, assume or suffer to exist any security
interest, lien or encumbrance with respect to the Pledgor Collateral, other than
the security interest in favor of Bank.

4.   EVENTS OF DEFAULT

     Any one or more of the following events shall constitute an "Event of
Default" under this Agreement:

     4.1 Covenant Default. If Pledgor fails or neglects to perform, keep, or
observe any material term, provision, condition, covenant, or agreement
contained in this Agreement or in any agreement between Pledgor and Bank, and,
except with respect to Sections 4.1 and 4.2 of this Agreement, as to any default
under a term, condition or covenant that can be cured, has not cured the default
within five days after it occurs, or if the default cannot be cured within five
days or cannot be cured after Pledgor's attempts in the five-day period, and the
default may be cured within a reasonable time, then Pledgor has an additional
time, (of not more than 10 days) to attempt to cure the default.

     4.2 Attachment. If any portion of the Pledgor Collateral is made the
subject of a lien, security interest or other encumbrance (other than that in
favor of Bank), or is attached, seized, subjected to a writ or distress warrant,
or is levied upon, or comes into the possession of any trustee, receiver or
person acting in a similar capacity and such attachment, seizure, writ or
distress warrant or levy has not been

                                        2

<PAGE>

removed, discharged or rescinded within five days, or if Pledgor is enjoined,
restrained, or in any way prevented by court order from continuing to conduct
all or any material part of its business affairs.

     4.3 Misrepresentations. If any material misrepresentation or material
misstatement exists now or hereafter in any warranty or representation set forth
herein.

     4.4 Insolvency. (a) Pledgor becomes insolvent; (b) Pledgor begins an
Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Pledgor
and not dismissed or stayed within 30 days.

     4.5 Material Adverse Change. If there is a material impairment in the
priority of Bank's security interest in the Pledgor Collateral.

5.   BANK'S RIGHTS AND REMEDIES

     5.1 Rights and Remedies. Upon the occurrence and during the continuance of
an Event of Default, Bank may, at its election, without notice of its election
and without demand, do any one or more of the following, all of which are
authorized by Pledgor:

          (a) Exercise all rights available to it under the Code and applicable
law; and

          (b) Set off and apply to the Obligations any and all (i) balances and
deposits of Pledgor held by Bank or in which Bank acts as custodian, or (ii)
indebtedness at any time owing to or for the credit or the account of Pledgor
held by Bank.

     5.2 Remedies Cumulative. Bank's rights and remedies under this Agreement,
the Letter of Credit and all other agreements shall be cumulative. Bank shall
have all other rights and remedies not inconsistent herewith as provided under
the Code, by law, or in equity. No exercise by Bank of one right or remedy shall
be deemed an election, and no waiver by Bank of any Event of Default on
Pledgor's part shall be deemed a continuing waiver. No delay by Bank shall
constitute a waiver, election, or acquiescence by it.

     5.3 Demand; Protest. Pledgor waives demand, protest, notice of protest,
notice of default or dishonor, notice of payment and nonpayment, notice of any
default, nonpayment at maturity, release, compromise, settlement, extension, or
renewal of accounts, documents, instruments, chattel paper, and guarantees at
any time held by Bank on which Pledgor may in any way be liable.

     5.4 Hold on Pledgor Collateral. Pledgor agrees that, until the later of the
termination of this Agreement and payment in full of all obligations under the
Letter of Credit, Bank may hold and refuse to release the Pledgor Collateral to
any party, including Pledgor.

     5.5 Power of Attorney. Pledgor irrevocably appoints Bank as its lawful
attorney to, upon the occurrence and during the continuance of an Event of
Default, transfer the Pledgor Collateral into the name of Bank or a third party
as the Code permits. Bank may exercise the power of attorney to sign Pledgor's
name on any documents necessary to perfect or continue the perfection of any
security interest regardless of whether an Event of Default has occurred. Bank's
appointment as Pledgor's attorney in fact, and all of Bank's rights and powers,
coupled with an interest, are irrevocable until the later of the payment in full
in cash of all Obligations.

     5.6 Bank Expenses. If Pledgor fails to pay any amount due hereunder or
furnish any required proof of payment to third persons in connection with the
Pledgor Collateral, Bank may make all or part of the payment and take any action
Bank deems prudent. Any amounts paid by Bank are Bank Expenses and immediately
due and payable, bearing interest at the then applicable rate and secured by the
Pledgor Collateral. No payments by Bank are deemed an agreement to make similar
payments in the future or Bank's waiver of any Event of Default. Bank may deduct
all reasonable legal and other expenses and attorneys' fees for preserving,
collecting, selling and delivering the Pledgor Collateral and for enforcing its
rights with respect to the Obligations, and shall apply the remainder of the
proceeds to the Obligations in such manner as Bank in its reasonable discretion
shall determine, and shall pay the balance, if any, to Pledgor.

                                       3

<PAGE>

     5.7 Bank's Liability for Pledgor Collateral. If Bank complies with
reasonable banking practices, it is not liable or responsible for the
safekeeping of the Pledgor Collateral.

6.   NOTICES

     Unless otherwise provided in this Agreement, all notices or demands by any
party relating to this Agreement shall be in writing and (except for financial
statements and other informational documents which may be sent by first-class
mail, postage prepaid) shall be personally delivered or sent by certified mail,
postage prepaid, return receipt requested, or by prepaid facsimile to Pledgor or
to Bank, as the case may be, at its addresses and facsimile numbers set forth
below:

     If to Pledgor:   Skillsoft Corporation
                      107 Northeastern Boulevard
                      Nashua, NH 03062
                      Attn: ____________________
                      FAX: _____________________

     If to Bank:      Silicon Valley Bank
                      2221 Washington Street
                      One Newton Executive Park, Suite 200
                      Newton, MA 02462
                      Attn: ____________________
                      FAX: _____________________

     Either party hereto may change the address or facsimile number at which it
is to receive notices hereunder by notice in writing in the foregoing manner
given to the other.

7.   CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER

     This Agreement shall be governed by, and construed in accordance with, the
internal laws of the State of California, without regard to principles of
conflicts of law. Each of Pledgor and Bank hereby submits to the exclusive
jurisdiction of the state and Federal courts located in the County of Santa
Clara, State of California. PLEDGOR AND BANK EACH HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT, THE LOAN AGREEMENT, AND ANY RELATED DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY
RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL
INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND
WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL.

     WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES' AGREEMENT TO WAIVE THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial
by jury is not enforceable, the parties hereto agree that any and all disputes
or controversies of any nature between them arising at any time shall be decided
by a reference to a private judge, mutually selected by the parties (or, if they
cannot agree, by the Presiding Judge of the Santa Clara County, California
Superior Court) appointed in accordance with California Code of Civil Procedure
Section 638 (or pursuant to comparable provisions of federal law if the dispute
falls within the exclusive jurisdiction of the federal courts), sitting without
a jury, in Santa Clara County, California; and the parties hereby submit to the
jurisdiction of such court. The reference proceedings shall be conducted
pursuant to and in accordance with the provisions of California Code of Civil
Procedure Sections 638 through 645.1, inclusive. The private judge shall have
the power, among others, to grant provisional relief, including without
limitation, entering temporary restraining orders, issuing preliminary and
permanent injunctions and appointing receivers. All such proceedings shall be
closed to the public and confidential and all records relating thereto shall be
permanently sealed. If during the course of any dispute, a party desires to seek
provisional relief, but a judge has not been appointed at that point pursuant to
the judicial reference procedures, then such party may apply to the Santa Clara
County, California Superior Court for such relief. The proceeding before the
private judge shall be conducted in the same manner as it would be before a
court under the rules of

                                        4

<PAGE>

evidence applicable to judicial proceedings. The parties shall be entitled to
discovery which shall be conducted in the same manner as it would be before a
court under the rules of discovery applicable to judicial proceedings. The
private judge shall oversee discovery and may enforce all discovery rules and
order applicable to judicial proceedings in the same manner as a trial court
judge. The parties agree that the selected or appointed private judge shall have
the power to decide all issues in the action or proceeding, whether of fact or
of law, and shall report a statement of decision thereon pursuant to the
California Code of Civil Procedure Section 644(a). Nothing in this paragraph
shall limit the right of any party at any time to exercise self-help remedies,
foreclose against collateral, or obtain provisional remedies. The private judge
shall also determine all issues relating to the applicability, interpretation,
and enforceability of this paragraph.

8.   GENERAL PROVISIONS

     8.1 Successors and Assigns. This Agreement binds and is for the benefit of
the successors and permitted assigns of each party. Pledgor may not assign this
Agreement or any rights under it without Bank's prior written consent which may
be granted or withheld in Bank's reasonable discretion. Bank has the right,
without the consent of or notice to Pledgor, to sell, transfer, negotiate, or
grant participation in all or any part of, or any interest in, Bank's
obligations, rights and benefits under this Agreement.

     8.2 Indemnification. Pledgor will indemnify, defend and hold harmless Bank
and its officers, employees, and agents against: (a) all obligations, demands,
claims, and liabilities asserted by any other party in connection with the
transactions contemplated by this Agreement; and (b) all losses or Bank Expenses
incurred, or paid by Bank from, following, or consequential to transactions
between Bank and Pledgor under this Agreement or otherwise (including reasonable
attorneys' fees and expenses), except for losses caused by Bank's gross
negligence or willful misconduct.

     8.3 Time of Essence. Time is of the essence for the performance of all
obligations set forth in this Agreement.

     8.4 Severability of Provisions. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any
provision.

     8.5 Amendments in Writing, Integration. All amendments to this Agreement
must be in writing and executed by the parties hereto. This Agreement represents
the entire agreement about this subject matter and supersedes prior negotiations
or agreements. All prior agreements, understandings, representations,
warranties, and negotiations between the parties about the subject matter of
this Agreement merge into this Agreement.

     8.6 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, are an original, and all taken together, are one
agreement.

     8.7 Survival. All covenants, representations and warranties made in this
Agreement continue in full force while any Obligations remain outstanding. The
obligations of Pledgor in Section 8.2 to indemnify Bank will survive until all
statutes of limitations for actions that may be brought against Bank have run.

     8.8 Attorneys' Fees, Costs and Expenses. In any action or proceeding
between Pledgor and Bank arising out of this Agreement, the prevailing party
will be entitled to recover its reasonable attorneys' fees and other costs and
expenses incurred, in addition to any other relief to which it may be entitled,
whether or not a lawsuit is filed.

                       (signatures on the following page)

                                       5

<PAGE>

     This Pledge Agreement is executed as of the date first written above.

                                        Pledgor:

                                        SKILLSOFT CORPORATION

                                        By: /s/ Thomas J. McDonald
                                            ------------------------------------
                                        Title: CFO

                                        Bank:

                                        SILICON VALLEY BANK

                                        By: /s/ Michael Fell
                                            ------------------------------------
                                        Title: Relationship Manager

                                        6

<PAGE>

                                    EXHIBIT A

     The Collateral consists of all of Pledgor's right, title and interest in
and to the following investment property or other assets (whether now owned or
hereafter acquired or created and whether held directly or as a security
entitlement, securities account, commodity contract, or a commodity account
maintained with any securities intermediary or commodity intermediary):

     All securities, investment property, cash, deposits, deposit accounts or
other assets held, maintained or managed in Pledgor's account at SVB Securities
which account will initially be entitled Silicon Valley Bank as Secured Party
for Skillsoft Corporation and numbered __________, together with deposit account
number __________ held with Bank and together with all Pledgor's books relating
to any of the foregoing and any and all claims, rights and interests in any of
the above and all substitutions for, additions and accessions to and products
and proceeds thereof in whatever form including deposit accounts, accounts
(including rights of payment), general intangibles, cash, instruments, documents
and financial assets all in connection with the foregoing.

                                        7

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