Chinese outsourcing giant Neusoft Corporation has announced that it has signed an agreement with the Finnish software company Sesca Group to acquire 100% stakes in its three subsidiaries for about EUR12 million.
According to the agreement, Sesca's subsidiaries, Sesca Mobile Software Oy, Almitas Oy, and Romania-based Sesca Technologies SRL will be integrated into Neusoft's global mobile solution business unit and will employ nearly 250 employees in Europe. The acquisition is subject to regulatory approvals in China and is expected to close during autumn 2009.
Wang Zidong, Neusoft's senior vice president and secretary of the board of directors, told local media that this acquisition aims to gain quality staff and clients to make the company a world-class product engineering solutions provider in the mobile terminal equipment sector.
Founded in 1991, Neusoft is a leading IT solutions and services company and one of the largest offshore software and service outsourcing providers in China. It currently has over 15,000 employees, working in its eight regional headquarters. The company has 16 software development centers, six software development bases, and marketing and services networks in more than 40 Chinese cities. The company has set up branches in the United States, Japan, and Europe.
Finland-based Sesca Group is an international company which delivers instrumentation and control systems as well as ICT systems for companies within energy production and ICT industries.