XIAMEN, China, Jan. 12 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that the Company has entered into a definitive agreement to acquire 100% of Jactus Labs, a leading third-party testing company focused on China's financial services industry. The acquisition is expected to close in March 2009.
Founded in 1999, Jactus Labs was one of the first companies in China to offer third-party software testing and software quality management services in China. The company is headquartered in Beijing with branches in Shanghai and Guangzhou. As a leading player for professional testing in the financial services industry, the company offers comprehensive testing services that include functional and performance testing, project and product evaluation, as well as testing consultancy and training services. Its customer base covers some of the Big Four Banks, policy banks, joint stock banks, city commercial banks, insurance companies as well as the securities industry.
"We believe professional testing outsourcing is an important strategic area for us which represents promising market opportunities in China's financial technology market," added Weizhou Lian, Chief Executive Officer of Longtop. "The acquisition allows us to be the number one testing player in the banking industry and create a new product that can be monetized. While Jactus Labs is not material to our financial results, combining our existing testing team of 80 engineers with Jactus's team of 100 engineers will allow us to better serve our customers by offering comprehensive software solutions in combination with testing services."
"This acquisition is a suitably positive conclusion to our third fiscal 2009 quarter. Having just completed a successful Q3 2009, we will be able to exceed our previous guidance for Q3 2009 and the full year 2009. Moreover, based on these strong fundamentals and our ongoing discussions with customers about their IT spending plans, we are confident we can achieve our existing 2010 financial targets," added Weizhou Lian, Chief Executive Officer of Longtop.
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About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop has six solution delivery centers, three research centers and thirty nine service centers located in 20 provinces throughout China. Longtop was founded in 1996 by Xiaogong Jia, Chairman, and Weizhou Lian, CEO, as a system integration company focusing on the financial services industry in China and made the transition to a software and solutions provider in 2001. For more information, please visit: http://www.longtop.com
For more information, please contact:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Phone: +86-10-84217758
Email: ir@longtop.com
IR Inside BV
Caroline Straathof
Phone: +31-6-54624301
Email: caroline.straathof@irinside.com
