BEIJING, June 7, 2011 /PRNewswire-Asia/ -- VanceInfo Technologies Inc. (NYSE: VIT) ("VanceInfo" or the "Company"), an IT service provider and one of the leading offshore software development companies in China, today announced that the Company has been ranked number one with increased market share among China-based offshore software development vendors for Europe and North America as measured by 2010 revenues, according to International Data Corporation ("IDC"). This marks the fourth consecutive year that VanceInfo has been ranked number one by IDC in this category.
IDC is a leading global provider of market intelligence for the information technology, telecommunications, and consumer technology markets. The IDC research paper "China–Based Offshore Software Development 2011–2015 Forecast and Analysis" covers the current status of the China-based offshore software development market as well as vendor rankings. According to the study, IDC calculates that the China-based offshore software development market reached US$3.36 billion in 2010, an increase of 21.6% over 2009. Furthermore, IDC expects this market to grow at an accelerated pace of 24.2% compound annual growth rate ("CAGR") from 2010 to 2015, with business originating from European and North American clients expected to grow faster at 29.0% CAGR.
"IDC believes that the offshore model is a good choice for clients to reduce costs and improve efficiency. With the economic recovery, offshore clients will increase their IT spending to support the business, so the software development market will continue to increase at a stable rate. At the same time, due to rich human resources, stable political and economic environments, excellent infrastructure, the global buyers are taking China as an important offshore alternative. After years of efforts, the China local vendors now have the capacity to provide standard services and some high-end services for their clients." said Joan Mao, Senior Market Analyst, IDC China.
Chris Chen, Chairman and Chief Executive Officer of VanceInfo, commented, "Our number one ranking for the fourth consecutive year is a strong corroboration of VanceInfo's position as the top China-based offshore software development company for North American and European markets. With the expectation of accelerated growth from this market segment, as projected by IDC, we are optimistic that we will continue to see exciting growth opportunities, leveraging our position as the top choice of North American and European customers seeking access to the vast talent pool in China. My thanks go to our employees worldwide for establishing a track record of sustainable market leadership, and to a growing list of global clients that have selected us as their key IT services provider."
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 2010 revenues, according to International Data Corporation.
VanceInfo's comprehensive range of IT services includes research & development services, enterprise solutions, application development & maintenance, quality assurance & testing, globalization & localization and other solutions and services. VanceInfo provides these services primarily to corporations headquartered in the United States, Europe, Japan and Greater China, targeting high-growth industries such as technology, telecommunications, financial services, travel services, manufacturing, retail and distribution.
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. 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 June 7, 2011, 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.
For further information, please contact:
Ken Schulz
Tel: + 86 108282 5266
