BEIJING, June 25, 2012 /PRNewswire-Asia/ -- iSoftStone Holdings Limited ("iSoftStone," NYSE: ISS), a leading China-based IT services provider, today announced that it has completed a definitive agreement to acquire Abovenet International Inc. ("Abovenet International"), a business intelligence ("BI") and data management services provider based in Toronto, Canada. The acquisition is expected to further strengthen iSoftStone's strategy and capabilities in business intelligence and big data.
Mr. T.W. Liu, Chairman and CEO of iSoftStone, said, "This acquisition will boost our already extensive business intelligence and data services with more advanced capability and greater geography coverage. We are looking forward to working closely with our new colleagues to deliver more value-added BI and data services to our clients around the world."
Mr. Pneuma Lin, Founder and CEO of Abovenet International, said, "We are excited to be part of iSoftStone. By combining our strengths with iSoftStone's vertical domain knowledge, technical capabilities, and global presence, we expect to offer more and better services to our clients and help strengthen iSoftStone's leading position in greater China and the global market."
The acquisition is subject to closing conditions. The terms of the agreement were not disclosed.
About Abovenet International Inc.
iSoftStone Holdings Limited (NYSE:ISS) 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. The company focuses on industry verticals that include technology, communications, banking, financial services, insurance, energy, transportation, and public sectors. 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 our outlook for the continued success of our strategy (including the success of our focus on enhancing service capabilities, industry vertical focus, and geographic balance) and our ability to make continued long-term investments, particularly in light of a challenging global economic environment and slowdown of the China economy. 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. In addition, we may not meet our financial outlook for the second quarter and year 2012, 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 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; 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 we 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. All projections in this news release are based on limited information currently available to us, which is subject to change. Although these projections and the factors influencing them will likely change, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Such information speaks only as of the date of this release.
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