Yucheng Concentrates on Growing Software & Solutions Business and Sells Elegon JV
Limited (Nasdaq: YTEC), a leading provider of IT solutions to
industry, today announced that it intends to concentrate on developing its
Software & Solutions business and has sold its 49% holding in Elegon Infotech,
Ltd.
The overall
IT spending growth for the next several years, with the majority of IT
spending growth coming from small to medium-sized banks (SMBs). To capture
this market, solutions need to be tailored to SMBs’ unique requirements in
terms of scope and sophistication, while recognizing the future scalability
requirements as SMBs enhance their competitive position against the Top Four
banks. As a leading total solution provider with the most comprehensive
solution offerings for banks in
expand its market share.
Mr.
Yucheng has been overextended and unable to allocate the resources necessary
to promote each of our growth initiatives. By refocusing on our core
competency in Software & Solution for the banking industry, we have a clear
mandate from which to drive our business and financial growth.”
Yucheng sold its 49% equity stake in Elegon Infotech, Ltd. to its joint
venture partner, 3i Infotech, Ltd. Yucheng will continue to work with 3i
Infotech to explore new cooperation opportunities in the banking industry.
About Yucheng Technologies Limited
Yucheng Technologies Limited (NASDAQ: YTEC) is a leading IT service
provider to the Chinese banking industry. Headquartered in
Yucheng has approximately 2,000 employees and has established an extensive
network for serving its banking clients nationwide, with subsidiaries and
representative offices in 23 cities. Yucheng provides a comprehensive suite
of IT solutions and services to Chinese banks including: (i) Channel Solutions,
such as web banking and call centers; (ii) Business Solutions, such as core
banking systems, foreign exchange and treasury management; and (iii)
Management Solutions, such as risk analytics and business intelligence.
Yucheng is also a leading third-party provider of POS merchant acquiring
services in partnership with banks in
For Further Information
Rebecca Alexander
Tel: +1-914-613-3648
+86-10-5913-7998
Email: ralexander@yuchengtech.com
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Forward-looking statements
generally can be identified by the use of forward-looking terminology, such as
“may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,”
“project” or “continue” or the negative thereof or other similar words. Such
forward-looking statements, based upon the current beliefs and expectations of
Yucheng’s management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward looking statements. The
following factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: current dependence on the
PRC banking industry demand for the products and services of Yucheng;
competition from other service providers in the PRC and international
consulting firms; the ability to update and expand product and service
offerings; retention and hiring of qualified employees; protection of
intellectual property; creating and maintaining quality product offerings;
operating a business in the PRC with its changing economic and regulatory
environment; and the other relevant risks detailed in Yucheng filings with the
Securities and Exchange Commission. The information set forth herein should
be read in light of such risks. Yucheng assumes no obligation to update the
information contained in this press release.
SOURCE Yucheng Technologies Limited