Welcome!

Agile Computing Authors: ManageEngine IT Matters, Craig Lowell, AppNeta Blog, Liz McMillan, Jonathan Fries

News Feed Item

iSoftStone and Huawei Complete Formation of New Joint Venture

The new joint venture is expected to become a leading global IT services company in the technology & communications industry

BEIJING, Jan. 23, 2013 /PRNewswire/ – iSoftStone Holdings Limited ("iSoftStone," NYSE: ISS), a leading China-based IT services provider, and Huawei Technologies Co., Ltd. ("Huawei"), a leading global information and communications technology ("ICT") solutions provider, have completed the formation of iSoftStone Technology Service Limited ("the new joint venture"), a joint venture based in Wuhan, Hubei province, China. The new joint venture began operations today, January 24, 2013.

In September 2012, iSoftStone announced the planned formation of the new joint venture that focuses on serving the technology and communications ("T&C") industry. The new joint venture has registered capital of RMB 100 million, with 75% owned by iSoftStone and 25% owned by Huawei. As previously announced, iSoftStone has not contributed any U.S. assets to the new joint venture.

Mr. T.W. Liu, Chairman and CEO of iSoftStone, will also serve as Chairman and CEO of the new joint venture. The new joint venture's workforce is expected to reach more than 20,000 employees by 2015. The new joint venture should be mutually beneficial to both Huawei and iSoftStone. In addition to securing a long-term, large-scale, and sustained business account from Huawei, the new joint venture should help iSoftStone strengthen its core competitiveness through the continued integration of the fragmented IT services industry in China. The new joint venture should provide Huawei with a long-term and committed partner that will deliver outstanding IT services through the new joint venture's team of highly qualified and talented employees.

Mr. Liu said, "Thanks to the impressive growth of the information & communications technology industry in the region, IT services in China have continued to grow rapidly amid slower growth or reductions in IT expenditures in other parts of the world.

"The new joint venture is part of iSoftStone's strategy to benefit from this market opportunity. The new joint venture fuses Huawei's excellent practices in management and its leading position in the ICT market with iSoftStone's accumulated vertical depth in technology & communications services. We expect the new joint venture to become a leading global IT services company focused on serving current and prospective clients in the T&C industry, in both the private and public sectors.

"We believe the new joint venture should experience stable growth by leveraging advantages provided by both partners. Leveraging Huawei's leading position in the global ICT market, the new joint venture should help further expand iSoftStone's market knowledge and capabilities in the T&C vertical, which will be an important cornerstone for iSoftStone in becoming a major integrated IT services and solutions provider serving multiple industry verticals.

Mr. Qiuen Peng, Senior Vice President of Huawei, said, "We are very pleased with iSoftStone's effectiveness in establishing the new joint venture. We look forward to working with iSoftStone as a team in the joint venture as we create a leading IT services provider in the T&C vertical. We believe the new joint venture will provide very high quality services to its clients, including Huawei."

For additional information about the new joint venture, please see the Form 6-K that iSoftStone filed with the U.S. Securities and Exchange Commission on September 4, 2012.

iSoftStone safe harbor statement

This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include those related to timing, effectiveness, and expansion of the new joint venture, the anticipated financial and other benefits and impact of the new joint venture to the parties, our strategy as it relates to the new joint venture and our other businesses, including the new joint venture's ability to benefit from Huawei's industry experience and leadership position to satisfactorily deliver IT services to its technology and communications customers and our ability to deepen our vertical capabilities to become a full-service IT services provider. For additional information regarding the new joint venture, please see the Form 6-K iSoftStone filed with the U.S. Securities and Exchange Commission on September 4, 2012.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. We may not realize the financial targets or anticipated benefits of the new joint venture. We may experience operational or difficulties or management distraction in transitioning the T&C business to the new joint venture; our and Huawei's interests may not be fully aligned initially or may diverge in the future; existing or future customers may not wish to have their IT services provided through the new joint venture; and our competitors may seek to disrupt customer purchasing patterns or decisions. Our ability to grow our business (including through the new joint venture) is subject to our ability to continue to realize operational and delivery efficiencies and continued strong client demand or achieve a diversified revenue base, effectively capitalize on our growth opportunities and strategies, enter targeted markets, or otherwise grow our business in the manner planned, successfully complete planned acquisitions or strategic investments, or recognize the anticipated benefits of our acquisitions and strategic investments, on a timely basis or at all. Our customers may also vary their purchasing patterns in response to the economic environment in Greater China and globally. In addition, other risks and uncertainties that could cause our actual results to differ from what we currently anticipate include: our ability to effectively manage our rapid growth directly and through the new joint venture; intense competition from China-based and international IT services companies; our ability to attract and retain sufficiently trained professionals to support our operations; and our ability to anticipate and develop new services and enhance existing services to keep pace with rapid changes in technology and in our selected industries. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see "Risk Factors" that begins on page 7 of our 2011 Annual Report on Form 20-F that iSoftStone filed with the U.S. Securities and Exchange Commission on April 27, 2012, which can be found on our website at www.isoftstone.com and at www.sec.gov.

About Huawei Technologies Co., Ltd.

Huawei is a leading global information and communications technology solutions provider. Through its dedication to customer-centric innovation and strong partnerships, Huawei has established end-to-end advantages in telecom networks, devices, and cloud computing. Huawei is committed to creating maximum value for telecom operators, enterprises, and consumers by providing competitive solutions and services. Huawei's products and solutions have been deployed in over 140 countries, serving more than one-third of the world's population. For more information, please visit Huawei online at www.huawei.com. Follow Huawei on Twitter at www.twitter.com/huaweipress and on YouTube at www.youtube.com/user/HuaweiPress.

About iSoftStone Holdings Limited

iSoftStone is a leading China-based IT services provider serving both Greater China and global clients. iSoftStone provides an integrated suite of IT services and solutions, including consulting & solutions, IT services, and business process outsourcing services. iSoftStone focuses on industry verticals that include technology, communications, banking, financial services, insurance, energy, transportation, and public sectors. Founded in 2001, iSoftStone's American depositary shares began trading on the New York Stock Exchange on December 14, 2010. For more information, please visit www.isoftstone.com.

iSoftStone media contact

Ms. Sophie Yang
[email protected]
Beijing +86 10 5874 9292

iSoftStone investor contacts

Mr. Jonathan Zhang
Chief Financial Officer
[email protected]

Christensen

Mr. Tom Myers
[email protected] 
Beijing +86 139 1141 3520

Mr. Victor Kuo
[email protected] 
Beijing +86 10 5826 4939

SOURCE iSoftStone Holdings Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...