Edgar Filing: JAFCO USIT FUND III L P

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â JAV Management Associates III, L.L.C.

2. Date of Event Requiring Statement (Month/Day/Year)
08/02/2007

3. Issuer Name and Ticker or Trading Symbol
VIRTUSA CORP [VRTU]

(Last)

(First)

(Middle)

C/O GLOBESPAN CAPITAL MANAGEMENT, LLC,Â ONE BOSTON PLACE, SUITE 2810

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
_____ Officer (give title below)	__X__ Other (specify below)
See remarks

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

BOSTON,Â MAÂ 02108

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	15,974 ⁽¹⁾ ⁽²⁾	D	Â
Common Stock	53,038 ⁽¹⁾ ⁽³⁾	D	Â
Common Stock	48,396 ⁽¹⁾ ⁽⁴⁾	D	Â
Common Stock	23,407 ⁽¹⁾ ⁽⁵⁾	D	Â
Common Stock	5,774 ⁽¹⁾ ⁽⁶⁾	D	Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series B Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	421,206 ⁽¹⁾ ⁽³⁾	$ ⁽⁹⁾	D	Â
Series B Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	384,344 ⁽¹⁾ ⁽⁴⁾	$ ⁽⁹⁾	D	Â
Series B Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	185,896 ⁽¹⁾ ⁽⁵⁾	$ ⁽⁹⁾	D	Â
Series B Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	45,854 ⁽¹⁾ ⁽⁶⁾	$ ⁽⁹⁾	D	Â
Series C Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	464,169 ⁽¹⁾ ⁽³⁾	$ ⁽¹⁰⁾	D	Â
Series C Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	423,547 ⁽¹⁾ ⁽⁴⁾	$ ⁽¹⁰⁾	D	Â
Series C Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	204,857 ⁽¹⁾ ⁽⁵⁾	$ ⁽¹⁰⁾	D	Â
Series C Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	50,530 ⁽¹⁾ ⁽⁶⁾	$ ⁽¹⁰⁾	D	Â
Series D Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	224,623 ⁽¹⁾ ⁽³⁾	$ ⁽¹¹⁾	D	Â
Series D Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	204,965 ⁽¹⁾ ⁽⁴⁾	$ ⁽¹¹⁾	D	Â
Series D Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	99,135 ⁽¹⁾ ⁽⁵⁾	$ ⁽¹¹⁾	D	Â
Series D Redeemable Convertible Preferred Stock	08/02/2007	Â ⁽⁷⁾	Common Stock ⁽⁸⁾	24,453 ⁽¹⁾ ⁽⁶⁾	$ ⁽¹¹⁾	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
JAV Management Associates III, L.L.C. C/O GLOBESPAN CAPITAL MANAGEMENT, LLC ONE BOSTON PLACE, SUITE 2810 BOSTON,Â MAÂ 02108	Â	Â	Â	See remarks
JAFCO America Technology Cayman Fund III, L.P. C/O GLOBESPAN CAPITAL MANAGEMENT, LLC ONE BOSTON PLACE, SUITE 2810 BOSTON,Â MAÂ 02108	Â	Â	Â	See remarks
JAFCO AMERICA TECHNOLOGY AFFILIATES FUND III LP C/O GLOBESPAN CAPITAL MANAGEMENT, LLC ONE BOSTON PLACE, SUITE 2810 BOSTON,Â MAÂ 02108	Â	Â	Â	See remarks
JAFCO AMERICA TECHNOLOGY FUND III LP C/O GLOBESPAN CAPITAL MANAGEMENT, LLC ONE BOSTON PLACE, SUITE 2810 BOSTON,Â MAÂ 02108	Â	Â	Â	See remarks
SCHIFFMAN BARRY J C/O GLOBESPAN CAPITAL MANAGEMENT, LLC ONE BOSTON PLACE, SUITE 2810 BOSTON,Â MAÂ 02108	Â	Â	Â	see remarks
JAFCO USIT FUND III L P C/O GLOBESPAN CAPITAL MANAGEMENT, LLC ONE BOSTON PLACE, SUITE 2810 BOSTON,Â MAÂ 02108	Â	Â	Â	See remarks
Goldfarb Andrew P C/O VIRTUSA CORPORATION 2000 WEST PARK DRIVE WESTBOROUGH,Â MAÂ 01581	Â	Â	Â	See remarks

Signatures

/s/ Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date
Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date
Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date
Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date
Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date
Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date
Thomas R. Holler, attorney-in-fact		08/02/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	JAV Management Associates III, L.L.C. is the general partner of JAFCO America Technology Fund III, L.P., JAFCO America Technology Cayman Fund III, L.P., JAFCO USIT Fund III, L.P. and JAFCO America Technology Affiliates Fund III, L.P. (the "Globespan Funds") and may be deemed to have a beneficial interest in the shares held by the Globespan Funds. The voting and investment power with respect to these shares is vested in Andrew P. Goldfarb and Barry J. Schiffman, the managing members of JAV Management Associates III, L.L.C. JAV Management Associates III, L.L.C., Andrew P. Goldfarb and Barry J. Schiffman each disclaim beneficial ownership of such shares, except to the extent of their pecuniary interest in such shares which is subject to indeterminable future events.
(2)	These shares are held solely by JAV Management Associates III, L.L.C.
(3)	These shares are held solely by JAFCO America Technology Fund III, L.P.
(4)	These shares are held solely by JAFCO America Technology Cayman Fund III, L.P.
(5)	These shares are held solely by JAFCO USIT Fund III, L.P.
(6)	These shares are held solely by JAFCO America Technology Affiliates Fund III, L.P.
(7)	These shares do not have an expiration date.
(8)	The number of underlying shares of Common Stock reported in Column 3 reflects a 1-for-3.13 stock split of the Issuer's Common Stock on 07/18/2007.
(9)	Upon the Closing of the Issuer's initial public offering, each share of Series B Redeemable Convertible Preferred Stock will automatically convert into 0.363 shares of Common Stock.
(10)	Upon the Closing of the Issuer's initial public offering, each share of Series C Redeemable Convertible Preferred Stock will automatically convert into 0.319 shares of Common Stock.
(11)	Upon the Closing of the Issuer's initial public offering, each share of Series D Redeemable Convertible Preferred Stock will automatically convert into 0.319 shares of Common Stock.
Â Remarks: TheÂ reportingÂ personsÂ areÂ membersÂ ofÂ aÂ 13(d)Â groupÂ owningÂ moreÂ thanÂ 10%Â ofÂ theÂ Issuer'sÂ outstandingÂ CommonÂ Stock. ExhibitÂ 24Â -Â PowerÂ ofÂ Attorney

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