PCCW (SEHK: 0008) - HONG KONG, November 9, 2012 - PCCW Solutions, the IT services flagship of PCCW Limited, has reached an agreement with Avnet, Inc. (NYSE: AVT) to acquire the banking application business in China of the Vanda Group ("Vanda China").
The transaction will complement PCCW Solutions' offerings in the banking and financial sector with a strong solutions practice. Vanda China's flagship software, VisionBanking Suite, is widely recognized as one of the leading banking applications in the China market. Its solution suite is a feature-rich mission critical core banking system capable of meeting the demanding requirements of China's financial regulatory bodies. VisionBanking Suite covers a wide range of functionalities including Customer Management, Cash Management, Payment Systems, Credit Cards, Clearing and Settlement, Regulatory Reporting, Operational Risk Management, Business Intelligence, e-Banking and various Intermediary Services.
The VisionBanking Suite has gained extensive customer deployments with more than 100 installations, supporting a total of over 40,000 branches including an installation for a network of over 3,500 branches. More than 500 million accounts and over 150 million daily transactions are running on the VisionBanking Suite nationwide. Vanda China operates delivery centers in Beijing, Shanghai, Wuhan, Changchun, Guangzhou and Shenzhen. The delivery team is currently supporting businesses in over 20 provinces across China.
PCCW Solutions is a recognized leader in IT services with over 3,000 ICT professionals serving clients in systems integration, software development, and data center operation. PCCW Solutions has a strong track record in various sectors including the public sector with mission critical implementation of smart citizen identity system for the Hong Kong SAR Government; the telecom sector with nationwide deployment of ERP systems for China Mobile and China Unicom; and the finance sector for highly secure data center hosting for multinational banks. The acquisition of Vanda China will provide PCCW Solutions with software and strong domain expertise in China's banking and finance sectors and paves the way for future growth in this sector.
Mr. George Fok, Managing Director of PCCW Solutions, said "We are very excited to have the Vanda China team with their award-winning core banking software expertise join us as we embark on our growth plan to provide a stronger portfolio of software solutions and services for our clients. We believe that the integration of the two teams will provide significant opportunities for us to leverage each other's expertise and address the dynamic needs of our clients."The transaction will add a pool of approximately 350 professionals with banking and finance domain expertise to the PCCW Solutions team and expand its coverage from 4 offices to 7 in major cities in China.
The transaction is expected to be completed by the end of November 2012. The transaction does not constitute a notifiable transaction of PCCW Limited under Chapter 14 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange.
About PCCW Solutions
PCCW Solutions is the IT and business process outsourcing flagship of PCCW Limited, which also holds interests in telecommunications, media, property development and investment, and other businesses.
Responsible for a growing number of large-scale IT projects in the public and private sectors, PCCW Solutions holds a wealth of experience and expertise and is viewed as a major industry player in Greater China. To learn more about PCCW Solutions,
please visit www.pccwsolutions.com.
About PCCW Limited
PCCW Limited (SEHK: 0008) is a Hong Kong-based company which holds interests in telecommunications, media, IT solutions, property development and investment, and other businesses.
The Company holds a majority interest in HKT, Hong Kong's premier telecommunications service provider. HKT meets the needs of the Hong Kong public and local and international businesses with a wide range of services including local telephony, local data and broadband, international telecommunications, mobile, and other telecommunications businesses such as customer premises equipment sale, outsourcing, consulting, and contact centers.
PCCW also owns a fully integrated multimedia and entertainment group in Hong Kong, which includes a highly successful IPTV operation, now TV. As the provider of Hong Kong's first quadruple-play experience, PCCW offers a range of innovative media content and services across four delivery platforms - fixed-line, broadband Internet access, TV and mobile.
Also wholly-owned by the Group, PCCW Solutions is a leading information technology outsourcing and business process outsourcing provider in Hong Kong and mainland China.
In addition, PCCW holds a majority interest in Pacific Century Premium Developments Limited, and overseas investments including the wholly-owned UK Broadband Limited. To learn more about PCCW, please visit www.pccw.com.
For more information, please contact:
Tel: +852 2883 8747