Welcome!

Containers Expo Blog Authors: Liz McMillan, Pat Romanski, Scott Sobhani, Jenny Fong, John Esposito

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
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
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...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...