BEIJING, Nov. 9, 2012 /PRNewswire-FirstCall/ -- Pactera Technology International Ltd. ("Pactera") (NASDAQ: PACT, and formerly HiSoft Technology International Limited (NASDAQ: HSFT) ("HiSoft")) and VanceInfo Technologies Inc. (NYSE: VIT) ("VanceInfo") today announced the completion of their previously announced merger. Effective as of today, the name of the combined company is "Wensi Haihui Jishu Youxian Gongsi" in Chinese Pinyin and "Pactera Technology International Ltd." in English.
Pactera's Chief Executive Officer Mr. Tiak Koon Loh commented, "Today is a historic day for us, as together we become a premier world-class IT services provider in China, with extensive global reach. We are excited about the future and look forward to capitalizing the larger resource base, more comprehensive breadth of service capability and more balanced geographic customer profile to provide a powerful array of offerings to our customers worldwide."
"We are pleased to announce the successful completion of the merger," said Mr. Chris Chen, Non-Executive Chairman of Pactera. "The widespread support we have received from our clients, partners and employees throughout the merger process has been crucial in making this combination a success. As Chairman, I look forward to working with Mr. Loh and the new management team to open a new era of Pactera and drive sustainable growth in shareholder value."
As a result of the merger, each ordinary share of VanceInfo issued and outstanding immediately prior to the effective time of the Merger has been cancelled in exchange for the right to receive one common share of Pactera (after giving effect to the 13.9482-to-1 share consolidation completed by HiSoft prior to completion of the merger), and each American depositary share of VanceInfo ("VanceInfo ADS") representing one VanceInfo ordinary share, has been cancelled in exchange for the right to receive one American depositary share of Pactera ("Pactera ADS") (after giving effect to the 13.9482-to-1 share consolidation and adjustment of the ADS-to-share ratio from 1-to-19 to 1-to-1, which in each case, was completed by HiSoft prior to completion of the merger).