BEIJING, May 14 /Xinhua-PRNewswire/ -- VanceInfo Technologies Inc. (NYSE: VIT), an IT service provider and one of the leading offshore software development companies in China, today announced that VanceInfo has been ranked number one among Chinese offshore software development vendors for North American and European markets as measured by 2007 revenues, according to International Data Corporation ("IDC").
IDC is a global provider of market intelligence for the information technology, telecommunications, and consumer technology markets. In its latest sector study, IDC anticipates that the Chinese offshore software development market will reach approximately US$8.95 billion in offshore software development services revenues in 2012 with a five-year compound annual growth rate (CAGR) of 35.3%. Furthermore, the projected five-year CAGR for Europe and North America markets is 44.7%. In 2009, Europe and North America will replace Japan and Korea as the largest import region providing revenues for Chinese offshore outsourcers.
Mr. Chris Chen, Chief Executive Officer of VanceInfo Technologies, stated, "IDC's recent report ranking us as the top Chinese offshore software development company for North American and European markets recognizes what we have achieved and is rewarding for all of us here at VanceInfo. This report, together with our listing as the first Chinese outsourcing company on the New York Stock Exchange, clearly demonstrates that we have been one of the leading players in the industry. I look forward to achieving many more "firsts" in the coming years. Once again, I would like to thank everyone here at VanceInfo for all the hard work and contributions that have made these achievements possible."
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 (IDC). 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. 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. This press release also contains estimates, projections and statistical data related to the IT services market in several countries, including China. This market data, including data from IDC, a leading independent market research firm, speaks as of the date it was published and includes projections that are based on a number of assumptions and are not representations of fact. The IT services market may not grow at the rates projected by the market data, or at all. The failure of the market to grow at the projected rates may materially and adversely affect our business and the market price of our ADSs. All information provided in this press release and in the attachments is as of May 14, 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.
For further information, please contact:
Melissa Ning
Director, Investor Relations
VanceInfo Technologies Inc.
Tel: +86-10-8282-5330
Email: ir@vanceinfo.com
Tip Fleming
Christensen
Tel: +852-9212-0684
Email: tfleming@ChristensenIR.com
Peter Homstaad
Christensen
Tel: +1-480-614-3026
Email: phomstad@christensenIR.com
Media contact:
Jeffery Liu
Manager, Marketing
Tel: +86-10-82825266 x8673
Email: jeffery_liu@vanceinfo.com
SOURCE VanceInfo Technologies Inc.
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