BEIJING, June 7, 2011 /PRNewswire-Asia/ -- VanceInfo Technologies Inc. (NYSE: VIT) ("VanceInfo" or the "Company"), an IT service provider and one of the leading offshore software development companies in China, today announced that the Company has been ranked number one with increased market share among China-based offshore software development vendors for Europe and North America as measured by 2010 revenues, according to International Data Corporation ("IDC"). This marks the fourth consecutive year that VanceInfo has been ranked number one by IDC in this category. IDC is a leading global provider of market intelligence for the information technology, telecommunications, and consumer technology markets. The IDC research paper "China–Based Offshore Software Development 2011–2015 Forecast and Analysis" covers the current status of the China-based offshore software development market as well as vendor rankings. According to the study, IDC calculates that the China-based offshore software development market reached US$3.36 billion in 2010, an increase of 21.6% over 2009. Furthermore, IDC expects this market to grow at an accelerated pace of 24.2% compound annual growth rate ("CAGR") from 2010 to 2015, with business originating from European and North American clients expected to grow faster at 29.0% CAGR. "IDC believes that the offshore model is a good choice for clients to reduce costs and improve efficiency. With the economic recovery, offshore clients will increase their IT spending to support the business, so the software development market will continue to increase at a stable rate. At the same time, due to rich human resources, stable political and economic environments, excellent infrastructure, the global buyers are taking China as an important offshore alternative. After years of efforts, the China local vendors now have the capacity to provide standard services and some high-end services for their clients." said Joan Mao, Senior Market Analyst, IDC China. Chris Chen, Chairman and Chief Executive Officer of VanceInfo, commented, "Our number one ranking for the fourth consecutive year is a strong corroboration of VanceInfo's position as the top China-based offshore software development company for North American and European markets. With the expectation of accelerated growth from this market segment, as projected by IDC, we are optimistic that we will continue to see exciting growth opportunities, leveraging our position as the top choice of North American and European customers seeking access to the vast talent pool in China. My thanks go to our employees worldwide for establishing a track record of sustainable market leadership, and to a growing list of global clients that have selected us as their key IT services provider." About VanceInfo VanceInfo Technologies Inc. is an IT service provider and one of the leading offshore software development companies in China. VanceInfo was the first China software development outsourcer listed on the New York Stock Exchange. The Company ranked number one among Chinese offshore software development service providers for the North American and European markets as measured by 2010 revenues, according to International Data Corporation.
VanceInfo Technologies (NYSE:VIT) is trading at unusually high volume Tuesday with 1.1 million shares changing hands. It is currently at four times its average daily volume and trading down 41 cents (-3.8%).
Shares of VanceInfo Technologies (NYSE:VIT) have taken a tremendous swing upward. The stock is trading at $10.69 as of 2:30 p.m. ET, 20.5% above Monday's closing price of $8.87. Volume is at 3.1 million, 2.7 times the daily average of 1.2 million.
Shares of VanceInfo Technologies (NYSE:VIT) have taken a tremendous swing upward. The stock is trading at $13.27 as of 1:56 p.m. ET, 20.4% above Wednesday's closing price of $11.02. Volume is at 1.3 million, one times the daily average of 1.2 million.