-- Signs Memorandum of Understanding with China’s Yucheng Technologies
Ltd. to set up a joint venture
-- Aimed at promoting 3i Infotech’s award winning BFSI products and
related services in the growing Chinese market
MUMBAI, India, Feb. 19 /Xinhua-PRNewswire-FirstCall/ -- 3i Infotech, a global provider of IT solutions and the fourth largest Indian software products company*, today announced the signing of a non-binding Memorandum of Understanding (MoU) with Yucheng Technologies Ltd., a leading provider of IT solutions and services to Chinese banks and financial services companies, to set up a 51:49 Joint Venture in the People’s Republic of China. This marks 3i Infotech’s foray into China, a high growth market. As there is considerable similarity between the market dynamics in India and China, the expertise 3i Infotech has in providing software products and IT services to the Banking, Financial Services and Insurance (BFSI) sector in India, combined with the customer relationships and expertise Yucheng has in catering to the Chinese market, can be leveraged to provide products and services to BFSI entities in China.
Yucheng Technologies Ltd., headquartered in Beijing, China, is a NASDAQ listed company with more than 1,700 employees and has established an extensive footprint to serve its banking clients nationwide with subsidiaries and representative offices in 11 cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including 1) channel-related IT solutions, such as Web banking and call centers, 2) business-related processing solutions, such as core banking systems, foreign exchange and treasury management, and 3) management-related IT solutions, such as risk analytics and Business Intelligence (BI). It is also a third party provider of POS merchant acquiring services in partnership with banks.
Commenting on the development, Mr. V. Srinivasan, MD & CEO, 3i Infotech, said, "3i Infotech has a long standing tradition of entering markets with a high growth potential. The Asian markets in particular are of keen interest to us, given the huge growth potential that they offer." He further added, "With Yucheng’s focus on and deep knowledge of the banking industry in China and its dynamics, the synergies between their business goals and those of 3i Infotech made them a natural choice for our foray into China. We look forward to a long and fruitful relationship with them."
Mr. Weidong Hong, CEO, Yucheng Technologies Ltd., said, "Yucheng is among China’s leading IT solutions companies for the banking industry and 3i Infotech is one of India’s top software product companies with proven technologies and capabilities. I am confident that Yucheng’s reach in the Chinese market combined with 3i Infotech’s product capabilities will greatly benefit the Chinese BFSI market."
Mr. Rajiv Malhotra, Innovative Solutions, New Delhi, was the advisor to both the parties.
About 3i Infotech Limited
3i Infotech is one of the top four Indian software products companies.* The company provides software products and IT services (managed IT services, application software development & maintenance, payment services, Business Intelligence, IT consulting, BPO, document imaging & digitization and data warehousing) for insurance, banking, capital markets, mutual funds, manufacturing, retail & distribution, and government. The company services customers in over 50 countries across five continents. 3i Infotech is SEI CMMI Level 5 compliant for its software services and ISO 9001:2000 certified for its IT infrastructure and BPO services.
*Dataquest -- July 2007 issue
About Yucheng Technologies Ltd.
Yucheng Technologies Limited (YTEC) is a leading IT service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has more than 1,700 employees and has established an extensive footprint to serve its banking clients nationwide with subsidiaries and representative offices in 11 cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including 1) channel-related IT solutions, such as Web banking and call centers, 2) business-related processing solutions, such as core banking systems, foreign exchange and treasury management, and 3) management-related IT solutions, such as risk analytics and business intelligence. It is also a third party provider of POS merchant acquiring services in partnership with banks.
Disclaimer:
Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will," "would," "expect," "believe," and similar expressions or variations of such expressions may constitute "forward-looking statements." These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of our principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. 3i Infotech undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
For more information, please contact:
M.B. Battliwala
Senior General Manager
3i Infotech Limited
Akruti Centre Point, 6th Floor
M.I.D.C Central Road
Next to Marol Telephone Exchange
Andheri (East), Mumbai -- 400 093
India
Tel: +91-22-39145700
Fax: +91-22-39145520
Email: corporate@3i-infotech.com