BEIJING, Jan. 24, 2014 /PRNewswire/ -- Pactera
Technology International Ltd. (Nasdaq: PACT) ("Pactera" or the
"Company"), a global consulting and technology services provider
strategically headquartered in China, announced today the acquisition of
Innoveo Solutions AG ("Innoveo"), a Swiss based IT software product
company, effective January 1,
2014.
(Logo: http://photos.prnewswire.com/prnh/20130118/CN37843LOGO
)
Innoveo is a fully owned entity of Pactera and will be renamed
Pactera Switzerland AG in Q1 2014, establishing an additional base
for Pactera to serve a broad list of clients in the region. In
October 2013, Pactera signed a
definitive agreement under which the Company will be acquired by a
consortium led by funds managed or advised by US-headquartered
private equity investment firm Blackstone.
Innoveo's industry leading front-end insurance multi-channel
sales solution, Innoveo Skye®, enables insurance companies to
launch new products and build attractive product and services
bundles, reacting quickly to competitor offerings. The solution has
been deployed globally and is helping customers in multiple regions
to reduce time to market.
The new solution adds to Pactera's existing set of industry
leading banking, financial services and insurance (BFSI) solutions
and extensive domain knowledge foundation. The Company provides
services and solutions to leading global financial institutions in
North America, Europe, Japan, Singapore, Australia, and China. In the China market, Pactera's Customer Relationship
Management (CRM) banking solution is ranked number one and its
Business Intelligence (BI) banking solution is ranked number two
based on revenues.
Pactera CEO Tiak Koon Loh
commented, "We are excited to have Innoveo join us to complement
and empower our existing insurance practice with a team of
technology and insurance experts and a new complementary solution
offering. Innoveo Skye® will allow us to extend our offerings in
addition to our IT services practice and solution products. The
establishment of our subsidiary in Switzerland also adds to our expanding
footprint in Europe, which is both
a regional client base and a target market for many of our clients
in other regions."
About Pactera
Pactera Technology International Ltd. (NASDAQ: PACT), formed by
a merger of equals between HiSoft Technology International Limited
and VanceInfo Technologies Inc., is a global consulting and
technology services provider headquartered in China. Pactera provides world-class business /
IT consulting, solutions, and outsourcing services to a wide range
of leading multinational firms through a globally integrated
network of onsite and offsite delivery locations in China, the United
States, Europe,
Australia, Japan, Singapore and Malaysia. Pactera's comprehensive services
include business and technology advisory, enterprise application
services, business intelligence, application development &
maintenance, mobility, cloud computing, infrastructure management,
software product engineering & globalization, and business
process outsourcing.
For more information about Pactera, please visit
www.pactera.com.
Safe Harbor: Forward-Looking Statements
This news release contains forward-looking statements.
These statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "going forward," "outlook" and similar
statements. Such statements are based upon management's current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond Pactera's control, which may cause Pactera's
actual results, performance or achievements to differ materially
from those in the forward-looking statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to
how the Company's shareholders will vote at the meeting of
shareholders; the possibility that competing offers will be made;
the possibility that debt financing may not be available; the
possibility that various closing conditions for the transaction may
not be satisfied or waived; and other risks and uncertainties
discussed in documents filed with SEC by the Company, including the
Schedule 13E-3 transaction statement and the proxy statement to be
filed by the Company. Further information regarding these and other
risks, uncertainties or factors is included in Pactera's filings
with the U.S. Securities and Exchange Commission. All
information provided in this news release is as of the date of
this news release, and Pactera does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
SOURCE Pactera Technology International Ltd.