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ZURICH, Jan. 30, 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.
Under the terms of the acquisition, Innoveo has become a fully owned entity of Pactera and will be named Pactera Switzerland AG in Q1 2014. The current Innoveo office facilities will be maintained as a base to serve existing and future European clients. In 2013, Pactera signed a definitive agreement under which the Company will be acquired by a consortium led by funds managed or advised by Blackstone.
Innoveo has developed the insurance multi-channel sales solution Innoveo Skye® that will continue to be enhanced and supported as an industry leading front-end insurance solution. Innoveo Skye® enables insurance companies to launch new products, build attractive product and services bundles, and react quickly to competitor offerings. Features include the dynamic configuration of product and distribution channels and integration with back-end systems. The solution has been deployed in multiple regions helping customers cut time to market. The Innoveo team includes insurance industry veterans of the software product development of Innoveo Skye®, underlining its extensive domain knowledge foundation.
"We are pleased to join Pactera, a company that enables 360-degree partnerships with global brands and is seeking to expand its business in Europe. Pactera provides promising opportunities in China, one of the world's largest and fastest-growing markets," said Nick Stefania, Innoveo Managing Partner and Chairman of the Board, "The product development team will continue to be based in Switzerland, and we will be extending our operations to support our existing client base. All current and new clients will continue to benefit from our Swiss made software and additionally benefit from the strong global Pactera organization."
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. Innoveo Skye® will allow us to extend our offerings with a flexible insurance front-office solution in addition to our already very successful IT services practice and banking solution products. This establishment of our subsidiary in Switzerland adds to our expanding footprint in Europe."
