iSoftStone Announces the Acquisition of Ascend Technologies

Acquisition Strengthens iSoftStone's IT & Business Consulting Capabilities in the Banking & Financial Services (Including Insurance) Industries

Oct 14, 2010, 09:35 ET from iSoftStone Information Technology (Group) Co. Limited

BEIJING, Oct. 14 /PRNewswire-Asia/ -- iSoftStone Information Technology (Group) Co. Limited, a leading China-based provider of consulting & solutions, IT services and business process outsourcing (BPO) services, announced today that it has acquired Ascend Technologies. Ascend, founded in 2001 by Karl Pessinis and Dan MacKinnon, is a provider of IT services and business consulting services to global banking and financial services (including insurance, collectively "BFSI") clients, with offices in Boston, MA and New York, NY, USA. With the addition of Ascend, iSoftStone continues to expand its global BFSI industry practice to include IT and business consulting, complementing its existing IT services and BPO services offering. Through iSoftStone's approximately 10,000 China-based employees, Ascend's clients now have access to iSoftStone's broad range of IT development and BPO services, delivered from China.

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Ascend provides business consulting, IT consulting, system integration and business process optimization to global Fortune-500 clients in the banking and financial services (including insurance) industries. With a client-facing presence in two important U.S. financial centers, Boston, MA and New York, NY, Ascend's historic industry concentrations have included capital markets, asset management, risk management and compliance, with expertise in consulting and project management IT strategy and business process optimization.

"iSoftStone is very pleased to welcome Ascend to our company. Since our founding in 2001, we have focused on the banking and financial services industries, and we are excited about adding Ascend's consulting and project management capabilities and longstanding client relationships to our global BFSI industry practice. Furthermore, as a China-based global company, we value Ascend's culture, and we look forward to working closely with our new colleagues from Ascend to jointly deliver increasing value to our clients." said TW Liu, Chairman & CEO of iSoftStone. "We believe the addition of Ascend's capabilities is timely as many global banking and financial institutions are increasingly seeking to work with China-based providers for IT and BPO services."

Karl Pessinis, President of Ascend, said, "Ascend is excited about becoming part of iSoftStone, a leading China-based IT services provider. Having served banking & financial services clients in partnership with other "offshore" providers in the past, we believe that becoming part of iSoftStone positions us to offer our clients a full-service offering, from consulting to China-based IT services and BPO, with a highly-regarded partner with its own track record for success with clients in our target industries."

About iSoftStone

Founded in 2001, iSoftStone is a leading China-based IT services provider serving both Greater China and global clients. iSoftStone provides an integrated suite of IT services and solutions including Consulting & Solutions, IT Services and BPO services. iSoftStone was certified CMMI Level 5 in 2006, and is certified ISO9001 and ISO27001, and focuses on key client industry verticals including technology, communications, banking, financial services and insurance and energy, transportation and public sector. For more information, please visit http://www.isoftstone.com .

About Ascend Technologies

Ascend Technologies is a provider of business and IT consulting, system integration and business process improvement services to leading clients in the global banking, financial services and insurance industries. With offices in Boston, MA and New York, NY, Ascend engages in consulting and project management services critical business and technology requirements.

SOURCE iSoftStone Information Technology (Group) Co. Limited



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