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Under the terms of the agreement, VanceInfo will pay an initial consideration of US$1.08 million in cash and grant certain restricted stock. Contingent considerations will be paid based on WIT's financial performance in the next 24 to 30 months.
Headquartered in San Diego, California, WIT specializes in mobile testing and application development services primarily for handset manufacturers. For the eight months ended August 31, 2008, WIT generated approximately US$3 million in net revenues. The acquisition will complement VanceInfo's existing offshore services to the mobile sector and strengthen its dual shore service platform for its multinational clients. The transaction is expected to close in October and is expected to be accretive to VanceInfo's full year results.
"We are excited to welcome this highly skilled team into the VanceInfo family as we continue to carry out our investment strategy in the wireless sector," said Chris Chen, Chairman and Chief Executive Officer of VanceInfo. "The combination of our offshore capabilities and WIT's onshore engagement team will help us better serve our clients' needs. Leveraging the brand and platform of VanceInfo, the WIT team will also be better equipped for developing more customers and winning larger projects in the U.S."
About VanceInfo
VanceInfo Technologies Inc. is an IT service provider and one of the leading offshore software development companies in China. VanceInfo was the first China software development outsourcer listed on the New York Stock Exchange.
The Company ranked number one among Chinese offshore software development service providers for the North American and European markets as measured by 2007 revenues, according to International Data Corporation, or IDC, a leading independent market research firm.
VanceInfo's comprehensive range of IT services includes research & development services, enterprise solutions, application development & maintenance, quality assurance & testing, and globalization & localization. VanceInfo provides these services primarily to corporations headquartered in the United States, Europe, Japan, and China, targeting high growth industries such as technology, telecommunications, financial services, manufacturing, retail and distribution.
Safe Harbor
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, should, expects, anticipates, future, intends, plans, believes, estimates, and similar statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Further information regarding these and other risks is included in VanceInfo's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. All information provided in this press release and in the attachments is as of October 1, 2008, and VanceInfo 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 VanceInfo Technologies Inc.
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