Pactera Establishes Switzerland Office and Extends Insurance Industry Solutions through Key Acquisition
BEIJING, Jan. 24, 2014 /PRNewswire/ -- Pactera Technology International Ltd. (Nasdaq: PACT) ("Pactera" or the "Company"), a global consulting and technology services provider strategically headquartered in China, announced today the acquisition of Innoveo Solutions AG ("Innoveo"), a Swiss based IT software product company, effective January 1, 2014.
Innoveo is a fully owned entity of Pactera and will be renamed Pactera Switzerland AG in Q1 2014, establishing an additional base for Pactera to serve a broad list of clients in the region. In October 2013, Pactera signed a definitive agreement under which the Company will be acquired by a consortium led by funds managed or advised by US-headquartered private equity investment firm Blackstone.
Innoveo's industry leading front-end insurance multi-channel sales solution, Innoveo Skye®, enables insurance companies to launch new products and build attractive product and services bundles, reacting quickly to competitor offerings. The solution has been deployed globally and is helping customers in multiple regions to reduce time to market.
The new solution adds to Pactera's existing set of industry leading banking, financial services and insurance (BFSI) solutions and extensive domain knowledge foundation. The Company provides services and solutions to leading global financial institutions in North America, Europe, Japan, Singapore, Australia, and China. In the China market, Pactera's Customer Relationship Management (CRM) banking solution is ranked number one and its Business Intelligence (BI) banking solution is ranked number two based on revenues.
Pactera CEO Tiak Koon Loh commented, "We are excited to have Innoveo join us to complement and empower our existing insurance practice with a team of technology and insurance experts and a new complementary solution offering. Innoveo Skye® will allow us to extend our offerings in addition to our IT services practice and solution products. The establishment of our subsidiary in Switzerland also adds to our expanding footprint in Europe, which is both a regional client base and a target market for many of our clients in other regions."
Pactera Technology International Ltd. (NASDAQ: PACT), formed by a merger of equals between HiSoft Technology International Limited and VanceInfo Technologies Inc., is a global consulting and technology services provider headquartered in China. Pactera provides world-class business / IT consulting, solutions, and outsourcing services to a wide range of leading multinational firms through a globally integrated network of onsite and offsite delivery locations in China, the United States, Europe, Australia, Japan, Singapore and Malaysia. Pactera's comprehensive services include business and technology advisory, enterprise application services, business intelligence, application development & maintenance, mobility, cloud computing, infrastructure management, software product engineering & globalization, and business process outsourcing.
For more information about Pactera, please visit www.pactera.com.
Safe Harbor: Forward-Looking Statements
This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Pactera's control, which may cause Pactera's actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to how the Company's shareholders will vote at the meeting of shareholders; the possibility that competing offers will be made; the possibility that debt financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with SEC by the Company, including the Schedule 13E-3 transaction statement and the proxy statement to be filed by the Company. Further information regarding these and other risks, uncertainties or factors is included in Pactera's filings with the U.S. Securities and Exchange Commission. All information provided in this news release is as of the date of this news release, and Pactera 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.
SOURCE Pactera Technology International Ltd.