Pactera Technology International Ltd. and VanceInfo Technologies Inc. Announce
Completion of Merger
BEIJING, Nov. 9, 2012
BEIJING, Nov. 9, 2012 /PRNewswire-FirstCall/ --Pactera Technology
International Ltd. ("Pactera") (NASDAQ: PACT, and formerly HiSoft Technology
International Limited (NASDAQ: HSFT) ("HiSoft")) and VanceInfo Technologies
Inc. (NYSE: VIT) ("VanceInfo") today announced the completion of their
previously announced merger. Effective as of today, the name of the combined
company is "Wensi Haihui Jishu Youxian Gongsi" in Chinese Pinyin and "Pactera
Technology International Ltd." in English.
Pactera's Chief Executive Officer Mr. Tiak Koon Loh commented, "Today is a
historic day for us, as together we become a premier world-class IT services
provider in China, with extensive global reach. We are excited about the
future and look forward to capitalizing the larger resource base, more
comprehensive breadth of service capability and more balanced geographic
customer profile to provide a powerful array of offerings to our customers
"We are pleased to announce the successful completion of the merger," said Mr.
Chris Chen, Non-Executive Chairman of Pactera. "The widespread support we have
received from our clients, partners and employees throughout the merger
process has been crucial in making this combination a success. As Chairman, I
look forward to working with Mr. Loh and the new management team to open a new
era of Pactera and drive sustainable growth in shareholder value."
As a result of the merger, each ordinary share of VanceInfo issued and
outstanding immediately prior to the effective time of the Merger has been
cancelled in exchange for the right to receive one common share of Pactera
(after giving effect to the 13.9482-to-1 share consolidation completed by
HiSoft prior to completion of the merger), and each American depositary share
of VanceInfo ("VanceInfo ADS") representing one VanceInfo ordinary share, has
been cancelled in exchange for the right to receive one American depositary
share of Pactera ("Pactera ADS") (after giving effect to the 13.9482-to-1
share consolidation and adjustment of the ADS-to-share ratio from 1-to-19 to
1-to-1, which in each case, was completed by HiSoft prior to completion of the
Pactera will be listed on the NASDAQ Global Select Market ("NASDAQ"). Trading
of VanceInfo ADSs on the New York Stock Exchange (the "NYSE") under the
trading symbol "VIT" will be suspended beginning on November 12, 2012. Due to
the consolidation of Pactera common shares, the holders of VanceInfo ADSs will
be able to trade the Pactera ADSs that they are entitled to receive in the
merger on a "when distributed" basis under the symbol "PACTV" commencing on
November 12, 2012, with settlement of such trades to occur on November 23,
2012. Commencing on November 19, 2012, former holders of VanceInfo ADSs will
be able to trade their Pactera ADSs and settle such trades in a regular manner
under the symbol "PACT". Holders of HiSoft ADSs will be able to continue to
trade their ADSs on NASDAQ without interruption on a "with dividend" basis
under the symbol "HSFT" or on an "ex dividend" basis under the symbol "PACTV"
on November 12, 2012.The HSFT symbol will change to "PACTV" effective on
November 13, 2012 and will further change to "PACT" and commence trading
"regular way" on November 19, 2012.
A Form 25 will be filed with the Securities and Exchange Commission (the
"SEC") notifying the SEC of the delisting of the VanceInfo ADSs on NYSE and
the deregistration of VanceInfo's registered securities. VanceInfo intends to
terminate its reporting obligations under the Securities Exchange Act of 1934,
as amended, by promptly filing a Form 15 with the SEC. VanceInfo's obligations
to file or furnish with the SEC certain reports and forms, including Form 20-F
and Form 6-K, will be suspended immediately as of the filing date of the Form
15 and will cease once the deregistration becomes effective.
About Pactera Technology International Ltd.
Pactera Technology International Ltd. (NASDAQ: PACT), formerly HiSoft
Technology International Limited (NASDAQ: HSFT), is a global consulting and
technology services provider strategically headquartered in China. Pactera
provides world-class business and 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
About VanceInfo Technologies Inc.
VanceInfo Technologies Inc. (NYSE: VIT) is an IT service provider and one of
the leading offshore software development companies in China.
The Company ranked number one among Chinese offshore software development
service providers for the North American and European markets as measured by
2011 revenues, according to International Data Corporation (IDC). This marks
the fifth consecutive year that VanceInfo has been ranked number one by IDC in
VanceInfo's comprehensive range of IT services includes R&D Outsourcing
Services, Consulting and Solutions Services, Application Management Services
and Other Solutions & Services. VanceInfo provides these services primarily to
corporations headquartered in Greater China, the United States, Europe and
Japan, targeting high-growth industries such as telecommunications,
technology, financial services, travel and transportation services,
manufacturing, retail and distribution.
For more information about VanceInfo, please visit www.vanceinfo.com
Safe Harbor Statements
This announcement contains forward-looking statements made under the "safe
harbor" provisions of Section 21E of the Exchange Act. These forward-looking
statements can be identified by terminology such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or
other similar expressions. Pactera and VanceInfo may also make written or oral
forward-looking statements in its reports filed or furnished with the SEC, in
press releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not
historical facts, including statements about Pactera's or VanceInfo's beliefs
and expectations, are forward-looking statements and are subject to change.
Forward-looking statements involve inherent risks and uncertainties. A number
of important factors could cause actual results to differ materially from
those contained, either expressly or impliedly, in any of the forward-looking
statements in this press release. These factors include the risk factors
detailed in Pactera's and VanceInfo's filings with the SEC. All information
provided in this press release is current as of the date of this press
release, and neither Pactera nor VanceInfo undertakes any obligation to update
any such information, except as required under applicable law.
For more information, please contact:
Pactera Technology International Ltd.
SOURCE Pactera Technology International Ltd.
Press spacebar to pause and continue. Press esc to stop.