Pactera Technology Intl Ltd (ADR) (NASDAQ:PACT) Enters Switzerland
China based business software and services provider Pactera Technology Intl Ltd (ADR) (NASDAQ:PACT) announced on 24th January, that it is extending its operations into Switzerland by carrying out a strategic buy out of local tech firm called Innoveo Solutions AG. The Swiss unit will be a fully owned sub of the Chinese firm and is expected to be rechristened as Pactera Switzerland AG.
Previously Announced Deal
This strategic deal is expected to provide a larger global foot print and access to resources, which wil help the firm in reaching out to and servicing major clients across major parts of Europe and other Scandinavian countries. The deal had initially been announced in October of 2013. The funds for the buyout have been raised by tapping into a institutional investors who are clients of investment and wealth management firm Blackstone.
Complimentary Addition To Pactera Solution Portfolio
The acquisition assumes importance for Pactera Technology Intl Ltd (ADR) (NASDAQ:PACT) since Innoveo has in its product portfolio, a full fledged software application called “Innoveo Skye®” developed specifically to meet the needs of the insurance industry. This product will now be sold under the Pactera label to major insurance firms in other geographies across the globe.
Commenting about the completion of the acquisition, Pactera Technology Intl Ltd (ADR) (NASDAQ:PACT) Chief Executive Officer Tiak Koon Loh has been quoted to have said that,” We are excited to have Innoveo join us to complement and empower our existing insurance practice with a team of technology and insurance experts and a new complementary solution offering. The establishment of our subsidiary in Switzerland also adds to our expanding footprint in Europe, which is both a regional client base and a target market for many of our clients in other regions.”
The stock was trading 8 percent below its 52 week low price point on 11th February.