TIANJIN, China, Sept. 19 /Xinhua-PRNewswire/ -- VanceInfo Technologies Inc.(NYSE: VIT) (“VanceInfo”), an IT service provider and one of the leading offshore software development companies in China, today announced it signed an Investment and Cooperation Agreement with Tianjin Economic-Technological Development Area (TEDA), China.
VanceInfo Tianjin, a subsidiary of VanceInfo registered in TEDA, is positioned to be a major training and delivery center for the company. VanceInfo has trained more than 500 interns and trainees in Tianjin since September 2007, and it has acquired Tianjin-based clients in financial services and pharmaceutical industries.
Tianjin, the closest major city to Beijing, is 100 kilometers southeast of the Capital of China. It can be reached by highways from Beijing within 1.5 hours and by high speed trains within 50 minutes. It has 55 universities and colleges, including such well known names as Nankai University and Tianjin University. In the Investment and Cooperation Agreement, TEDA government agreed to provide support in training subsidies, tax incentives and talent supply to VanceInfo.
Mr. Chris Chen, Chairman and CEO of VanceInfo, Mr. He Shushan, Chairman of Administrative Commission of TEDA attended the signing ceremony.
Chris commented, "VanceInfo’s business has been growing in full gear. The investment in Tianjin to establish new competency centers and training facilities will greatly enhance our delivery capabilities. This is the latest move to implement our strategy to develop operations in second tier cities near Beijing and Shanghai to support our growth while controlling the costs. Leveraging the talent pool available and the local government support, we believe the launch of our Tianjin campus will add momentum to our continued growth for the years to come.”
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.
About TEDA
As one of the 1st national level development zones in China approved by State Council, Tianjin Economic-Technological Development Area (“TEDA”), after 24 years developing, has gained outstanding achievements and a reputation for most efficient administration. According to Investment Environment Evaluation for National Development Zones in China conducted by Ministry of Commerce, TEDA has been leading in various indexes for many years.
Tianjin is authorized as one of the Outsourcing Base Cities in China by Ministry of Commerce, where TEDA is certified as the Outsourcing Model Area. With the trend of adjusting and improving China’s domestic industrial structures, as the core area of Tianjin Binhai New Area of China, TEDA has explicitly made outsourcing service a focus of its future development. TEDA has proven track record of developing manufacturing sectors in the region and it will now give similar full support to outsourcing services sector.
TEDA has planned outsourcing services support programs with a fund of RMB 100 million. TEDA will support outsourcing services in terms of subsidies for training, facilities, software, intellectual property protection and funding. In addition, Tianjin Binhai Outsourcing Park, which is located in TEDA, is invested jointly by TEDA government and Dalian Software Park with a total area of 890,000 sq.m. and the office buildings, white-collar apartment, HR training center, living facilities suitable for outsourcing and software companies, in order to provide the most professional and reliable infrastructure for the sector.
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 September 19, 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.
