Business, Software

Longtop Buys Chinese Banking Software Company

Chinese financial services software provider Longtop Financial Technologies Limited announced it has completed the acquisition of Giantstone Information & Technology Ltd., a banking solution provider in China.

"Closing the Giantstone acquisition is an important milestone for Longtop to lead our entry into the core banking area and a suitably positive conclusion to our fiscal third 2010 quarter," commented Weizhou Lian, chief executive officer of Longtop.

However neither Gladstone nor Longtop has released specific financial details of this transaction.

Total revenues for Longtop's last-reported quarter ended September 30, 2009, were USD42.8 million, an increase of 52.0% year-on-year from USD28.2 million in the corresponding year ago period, and exceeded company guidance of USD37.5 million. Software development revenues of USD37.0 million increased year-on-year by 56.9% and exceeded company guidance of USD34.0 million. Longtop plans to release financial results for its third fiscal quarter ended December 31, 2009, on February 10, 2010, after the market closes in the United States.

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