Pactera's Board of Directors Establishes Special Committee to Evaluate Going
BEIJING, May 22, 2013
BEIJING, May 22, 2013 /PRNewswire/ --Pactera Technology International Ltd.
(Nasdaq: PACT) ("Pactera" or the "Company"), a global consulting and
technology services provider strategically headquartered in China,today
announced that its board of directors has established a special committee (the
"Special Committee") to consider the proposal letter, dated May 20, 2013, from
a consortium comprised of an affiliate of funds managed or advised by
Blackstone, the Company's non-executive Chairman, Chris Chen, its Chief
Executive Officer, Tiak Koon Loh, and its Executive Committee members, David
Chen, Sidney Huang and Jun Su to acquire all of the outstanding shares of
Pactera not currently owned by such consortium members in a going private
The Special Committee is composed of the following independent directors of
the Company: Ruby Lu,Terry McCarthy, Venky KrishnakumarandMay Tung.Ruby Lu
willbethe Chairperson oftheSpecial Committee.The Special Committeehas
retained Shearman & Sterling LLP as its legal counsel and is in the process of
engaging an independent financialadvisor to assist it in its work.The board
of directors cautions the Company's shareholders that no decisions have been
made by the Special Committee with respect to the Company's response to the
proposal and there can be no assurance that any definitive offer will be made,
that any agreement will be executed or that this or any other transaction will
be approved or consummated.
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
strategically 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
Thisnewsrelease contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section21E 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, the Company's dependence on a limited number of clients
for a significant portion of its revenues, uncertainty relating to its
clients' forming or plan to form joint venture with the Company's competitors,
the economic slowdown in its principal geographic markets, the quality and
portfolio of its service lines and industry expertise, and the availability of
a large talent pool in China and inflation of qualified professionals' wages,
as well as the PRC government's investment in infrastructure construction and
adoption of various incentives in the IT service industry. 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 ofthe date of this news
release, andPactera 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:
Pactera Technology International Ltd.
SOURCE Pactera Technology International Ltd.
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