BEIJING, Sept. 10 /PRNewswire-Asia/ -- Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions to the banking industry in China, today announced that it will establish R&D and delivery centers in Tianjin to capitalize on the city's IT talent pool and lower cost structure.
The R&D center will focus on standardizing the software deployment process and modularizing Yucheng's leading software solutions, such as e-banking. Segmenting existing software code into modules will not only ensure consistent quality standards, but also reduce the customization time required to implement each customer's unique requirements.
The Tianjin delivery center is part of Yucheng's strategy to grow operations in tier II cities, which have significantly lower personnel and operating costs. The company's growing customer base in northern China, which is currently served from the Beijing delivery center, in the future will be served from both the newly established Tianjin and existing Beijing delivery centers.
Mr. Weidong Hong, CEO and Chairman of Yucheng Technologies said, "With its proximity to Beijing and lower cost structure, Tianjin is an ideal location for R&D and delivery centers to support our projects in northern China. As part of our growth strategy announced on the second quarter call, we will be shifting more of our engineering headcount to strategically positioned R&D and solution delivery centers. We view Tianjin as the first step in this process."
Yucheng expects to open the Tianjin centers in the first half of 2010. The Tianjin R&D center will act as the northern counterpart to Yucheng's existing southern center in Chengdu.
About Yucheng Technologies Limited
Yucheng Technologies Limited (NASDAQ: YTEC) is a leading IT service provider to the Chinese financial service providers. Headquartered in Beijing, China, Yucheng services clients from its nationwide network in 23 cities and approximately 2,200 employees. Yucheng provides a comprehensive suite of IT solutions to Chinese Banks including: (i) Channel Solutions, such as e-banking and call centers; (ii) Business Solutions, such as core banking systems and loan management; and (iii) Management Solutions, such as risk analytics and business intelligence. Yucheng is also a leading third-party provider of POS Merchant Acquiring Services in partnership with banks in China.
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Forward-looking statements generally can be identified by the use of forward looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. Such forward-looking statements, based upon the current beliefs and expectations of Yucheng's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: current dependence on the PRC banking industry demand for the products and services of Yucheng; competition from other service providers in the PRC and international consulting firms; the ability to update and expand product and service offerings; change in products and clients and the expansion into small to medium-sized bank market; retention and hiring of qualified employees; protection of intellectual property; creating and maintaining quality product offerings; operating a business in the PRC with its changing economic and regulatory environment; changing tax rate; and the other relevant risks detailed in Yucheng filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Yucheng assumes no obligation to update the information contained in this press release.
For Further Information, please contact:
Rebecca Alexander
Tel: +1-914-613-3648
+86-10-5913-7998
Email: ralexander@yuchengtech.com
