BEIJING, March 30 /PRNewswire-Asia/ -- VanceInfo Technologies Inc.
(NYSE: VIT) ("VanceInfo") (the "Company"), an IT service provider and one of the leading offshore software development companies in China, today announced an agreement to provide a comprehensive telecommunications back-end management system for Chuan Wei (Cambodia) Company Ltd. ("Chuan Wei"), a provider of cutting-edge broadband services in Southeast Asia. The agreement, signed at a ceremony in Phnom Penh by David Chen, President of VanceInfo, and Chuan Wei's Chairman and CEO, Alan Khov, comes following a rigorous global vendor search and evaluation by Chuan Wei.
Chuan Wei offers corporate communications services in Cambodia through a nationwide fiber-optic network and is planning to introduce wireless broadband services. "Chuan Wei will play a leading role in establishing world-class broadband and ICT infrastructure in Cambodia, so we can afford to work with nothing less than world-class IT services companies having expertise in the telecom space," said Mr. Khov. "Our goal is an integrated solution to handle not only our business and operational support systems (B/OSS), but also billing and customer-relationship management. VanceInfo's software will underpin a new, higher-quality breed of Internet services in Cambodia." Although Internet usage in the country of 15 million people has nearly doubled the past five years, the overall penetration rate is at less than 1 percent of the population. Chuan Wei expects a surge in demand when affordable wireless broadband services become more widely available.
"We are pleased to be selected by Chuan Wei to develop and implement an end-to-end solution for their telecom needs, and excited to help Cambodia advance in the field of information and communications technology," added Mr. Chen. "Our strong IT service offerings in the telecom space allow us to provide a solution that is customized to their specific business, technical and geographic requirements. As with all our clients, we are committed to delivering first-class IT services to Chuan Wei that support an expected rapid expansion of business in the emerging Cambodian telecom marketplace."
VanceInfo performs IT services across multiple geographies including Asia Pacific, the Americas, and Europe for many Fortune 500 clients including leading telecom carriers in mainland China and Hong Kong as well as prominent technology firms such as Microsoft and IBM. The engagement with Chuan Wei in Cambodia sets a new milestone for the Company's strategic business expansion in the South East Asia region.
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 2008 revenues, according to International Data Corporation.
VanceInfo's comprehensive range of IT services includes research & development services, enterprise consulting & 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.
About Chuan Wei
Chuan Wei (Cambodia) Co. Ltd. is the country's fastest-growing broadband communications provider. Established in June 2008, the company operates a nationwide fiber-optic network and has launched corporate services such as dedicated Internet access, IP transit, private leased circuits (domestic and international), and co-location. It plans to roll out wireless broadband services for the mass market nationwide later this year.
Chuan Wei is rooted in one of Cambodia's most diversified business groups with interests across a wide spectrum of sectors including banking, property development, construction, hospitality, garment, and cement manufacturing.
Safe Harbor
This news 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. Among other things, the management's quotations contain forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Potential risks and uncertainties include, but are not limited to, the company's dependence on a limited number of clients for a significant portion of its revenues, the economic slowdown in its principal geographic markets, the quality and portfolio of its services lines and industry expertise, and the availability of a large talent pool in China and supply of qualified professionals, as well as the PRC government's investment in infrastructure construction and adoption of various incentives in the IT service industry. Further information regarding these and other risks is included in VanceInfo's filings with the U.S. Securities and Exchange Commission. All information provided in this news release and in the attachments is as of March 30, 2010, 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.
