VanceInfo (officially VanceInfo Technologies Inc., formerly known as Worksoft) is an IT outsourcing company headquartered in Beijing, China. It ranks first among Chinese offshore software development service providers for the North American and European markets as measured by 2010 revenues.[2] The service areas of the company are in tech, telecom, finance, travel, manufacturing, retail and logistics.[3]
 | |
| Company type | Public |
|---|---|
| Industry | Information technology |
| Founded | 1995 |
| Headquarters | Beijing, China |
Key people | Chris Chen (CEO and founder) |
| Revenue | US$283.14 million (2011)[1] |
| US$20.86 million (2011)[1] | |
| US$22.19 million (2011)[1] | |
| Total equity | US$303.44 million (at 31 December 2011)[1] |
Number of employees | 14,111 (at 31 March 2012)[1] |
| Website | vanceinfo |
In November 2012, the company merged with China-based IT outsourcing industry peer HiSoft to form Pactera.[4]
History
editThe company was founded in 1995 as Worksoft and started its long-term relationship with IBM. The company added an office in Dalian in 2004, and in that same year signed a contract with Unicom-BREW and built the PeopleSoft China Development Center. In the next year important achievements included the building of the TIBCO China Development Center and selection as a Microsoft Preferred Vendor and built its China Offshore Development Centers in Shanghai and Beijing. In that year, the company expanded by acquiring SureKAM and the US-based Siebel consultancy Envisys, and secured financing from funding by Hao Chen, Legend Capital and Rob Theis, Doll Capital Management (DCM).[5] More venture capital funding following in 2006 from Kui Zhou and Doug Leone of Sequoia Capital. The company also in 2006 acquired China-based Prosoft Technology. 2007 was a marquee year in which the company changed its name to VanceInfo and listed on the NYSE, and opened offices in the US in Seattle, Washington and New York.[citation needed]
The company emerged in the backdrop of partisan political bickering in the US state of Ohio in 2010–2011. A group of state representatives allied with Service Employees International Union District 1199, a branch of a major trade union, pointed out that Mark Kvamme, a political appointee put in charge of creating jobs in Ohio, was a partner in Sequoia Capital, which had invested in VanceInfo. The state representatives and union branded Kvamme as unfit for the role of creating jobs in the state since he was tied to VanceInfo, an outsourcing company, through his stake in Sequoia Capital[6]
See also
editNotes
edit- ^ a b c d e "2011 Annual Report" (PDF). VanceInfo Technologies Inc. Retrieved 30 August 2012.
- ^ Mao, Joan "China-Based Offshore Software Development 2010–2014 Forecast and Analysis", IDC, May 2011.
- ^ "VanceInfo Technologies Inc.: Private Company Information - Businessweek". Bloomberg Businessweek. Retrieved 30 August 2016.
- ^ "VanceInfo, HiSoft to merge to create China outsourcing leader". Reuters. 10 August 2012. Retrieved 30 August 2016.
- ^ Gluckman, Ron (26 October 2011). "China's VanceInfo Technologies Tries To Outdo Indian Outsourcers". Forbes.
- ^ "JobsOhio may give Kvamme new role in Kasich administration," Columbus Dispatch, 6/22/2011