Business Activities News
- Chinese software outsourcer merges with U.S. firm
Date: 5-Mar-2007 Sources: (Xinhua Online)
Hisoft Technology International Ltd., a Chinese software outsourcing service provider, has merged with U.S.-based Envisage Solutions, Xinhua learned Friday.
'This merger is the first step of our overseas strategy,' said Loh Tiak Koon, chief executive officer of Hisoft.
Beijing-headquartered HiSoft declined to reveal the value of the cash-and-stock deal.
'We also expect to listing our shares in an overseas bourse in 2008, either in the United States or Japan where most of customers are based,' said Loh.
China's software outsourcing industry will grow rapidly in the next five years, according to sources from Hisoft.
HiSoft is one of China's largest IT service providers. It offers services such as testing and application development to clients including Microsoft, Toshiba and Symantec.
Established in 2000, California-based Envisage Solutions has worked with Fortune 1,000 companies such as Novell and General Electric in automotive, telecom, hi-tech, pharmaceutical and financial sectors.
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