BEIJING, Feb. 13 /PRNewswire-Asia/ -- VanceInfo Technologies Inc.
(NYSE: VIT) ("VanceInfo"), an IT service provider and one of the leading offshore software development companies in China, today announced it has signed a contract to deploy an Outsourced Development Center ("ODC") for China Merchants Bank (HKEx: 3968) ("CMB"), a top seven national commercial bank in China.
VanceInfo has begun establishing the ODC to help develop comprehensive supporting systems and management applications to facilitate CMB's core business, enabling large scale system reengineering and innovation in corporate finance, credit management, risk management and internal auditing.
As one of the best managed banks in China, CMB has a rapidly expanding customer base and over 500 branches in mainland China. Known for its highly disciplined management and advanced IT systems, CMB has been a pioneer in developing and upgrading its IT infrastructure to support its transformation into a premier Chinese financial institution operating to global standards.
Mr. Chris Chen, CEO of VanceInfo, said, "We are proud that CMB has entrusted VanceInfo with its first ODC after a rigorous selection process involving substantially all major China-based outsourcing vendors. We believe the new assignment underscores our delivery capabilities for financial services clients and heralds further growth for VanceInfo in this field. VanceInfo is committed to building a successful ODC delivery model for CMB to support its continued growth and operational excellence. We look forward to a long term partnership with this strategic client."
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.
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. 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, including its registration statement on Form F-1. All information provided in this press release and in the attachments is as of February 13, 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.
