Freeborders, an offshore provider of technology solutions and outsourcing from China, announced the acquisition of US-based ITK Solutions, an IT management consulting firm specializing in technology project delivery for financial services companies.
ITK Solutions will expand Freeborders' onshore team of experts in the financial services industry, a key growth area for Freeborders.
Headquartered in New York City, ITK Solutions provides expert IT management in delivering technology solutions to financial institutions. The acquisition of ITK Solutions will also bring a top-tier client list of global banks, investment banks, and hedge funds to Freeborders.
"The ITK Solutions team brings an outstanding track record to Freeborders and we see the financial services market as a huge opportunity for China IT outsourcing leaders in 2006," said Freeborders co-CEO Ramsey Walker. "The quality of the ITK Solutions team is one of the main drivers of this deal. ITK management has many decades of experience with top-tier financial services firms."
According to a November 9, 2005 report by Gartner entitled "What Chinese IT Services Providers Must Do to Succeed In the Global Market," it states, "Many buyers of IT services have gone beyond cost as the main issue and are seeking other areas of value, such as unique domain expertise and experience in customers' specific industries."
ITK Solutions will exist as a wholly-owned, co-branded subsidiary of Freeborders.