ZURICH, Jan. 30, 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.
Under the terms of the acquisition, Innoveo has become a fully owned entity of Pactera and will be named Pactera Switzerland AG in Q1 2014. The current Innoveo office facilities will be maintained as a base to serve existing and future European clients. In 2013, Pactera signed a definitive agreement under which the Company will be acquired by a consortium led by funds managed or advised by Blackstone.
Innoveo has developed the insurance multi-channel sales solution Innoveo Skye® that will continue to be enhanced and supported as an industry leading front-end insurance solution. Innoveo Skye® enables insurance companies to launch new products, build attractive product and services bundles, and react quickly to competitor offerings. Features include the dynamic configuration of product and distribution channels and integration with back-end systems. The solution has been deployed in multiple regions helping customers cut time to market. The Innoveo team includes insurance industry veterans of the software product development of Innoveo Skye®, underlining its extensive domain knowledge foundation.
“We are pleased to join Pactera, a company that enables 360-degree partnerships with global brands and is seeking to expand its business in Europe. Pactera provides promising opportunities in China, one of the world’s largest and fastest-growing markets,” said Nick Stefania, Innoveo Managing Partner and Chairman of the Board, “The product development team will continue to be based in Switzerland, and we will be extending our operations to support our existing client base. All current and new clients will continue to benefit from our Swiss made software and additionally benefit from the strong global Pactera organization.”
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. Innoveo Skye® will allow us to extend our offerings with a flexible insurance front-office solution in addition to our already very successful IT services practice and banking solution products. This establishment of our subsidiary in Switzerland adds to our expanding footprint in Europe.”
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.
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Pactera Technology International Ltd.