VanceInfo to Build Outsourced Development Center for China Merchants Bank
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, 2009, 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:
Melissa Ning
Director, Investor Relations
VanceInfo Technologies Inc.
Tel: +86-10-8282-5330
E-mail: ir@vanceinfo.com
Director, Investor Relations
VanceInfo Technologies Inc.
Tel: +86-10-8282-5330
E-mail: ir@vanceinfo.com




