Dear Valued HiSoft Staff Member,
I am pleased to inform. you that today HiSoft Technology International Limited and VanceInfo Technologies Inc. jointly participated in a China IT Services market landmark event to announce the signing of a definitive “Merger of Equals” agreement. This will create the largest IT Outsourcing services player in China with the scale, depth, diversity and resources to actively compete in the global market place. This Merger puts us squarely on the path to becoming the “Infosys or Cognizant of China” and puts us well ahead of our original schedule toward reaching our goal of becoming a US$1billion company by 2015.
Hisoft will be the surviving entity with a new name and will continue to be listed on NASDAQ. Upon completion of this transaction, I will assume the role of Chief Executive Officer of the merged company, while Mr. Chris Chen (current Chairman and CEO of VanceInfo) will assume the role of Non-Executive Chairman.
VanceInfo is a well-respected player in the industry and brings to the Merger a wealth of seasoned expertise and capabilities. The merged company will immediately give us the economies of scale to tap into operating and cost synergies to support the necessary investments to build the sustained and differentiating capabilities that will help us win in the industries we choose to serve.
Besides yielding many operating and cost synergies, the merged company will reshape the competitive landscape and favorably position us to win by being:
- The largest IT Services player in China by headcount with about 23,000 employees.
- The largest and most diversified pool of overseas consultants/engineers among China-based IT Services players
- The #1 R&D outsourcing service provider in China
- The #1 IT Outsourcing services provider in China
- The largest China-based IT services provider for the banking sector
- The #1 Quality Assurance and Testing Solution and Services vendor in China
The combined platform. will be impressive and dynamic with improved geographic reach, business mix and industry diversity. There will be many new capabilities created, new roles needed and expanded career opportunities as part of the new organization. Without a doubt, exciting possibilities await in the days ahead.
As we move forward in the merger, I remind us all to keep in keen focus the needs of our customers and our commitment to always deliver the highest quality service.
In closing, I thank you for your support and contributions that have helped to make Hisoft what it is today and thereby make this Merger of Equals possible.
I thank you and I look forward to an exciting and rewarding journey together in the merged company.
Sincerely,
Tiak Koon Loh
Chief Executive Officer
