PCCW Solutions has reached an agreement with Avnet to acquire Vandasoft Technology Holdings Limited, Avnet Vanda Group’s banking application business in China (Vanda China).
The acquisition of Vanda China will complement PCCW Solutions’ offerings in the banking and financial sector with a strong solutions practice, the IT services arm of Richard Li-owned PCCW Limited said.
The deal is expected to be completed by the end of this month. Financial details were not disclosed.
Upon the completion, Vanda China will continue to deliver its banking software to clients as part of PCCW Solutions. Its 350 employees will also be transferred to the PCCW Solutions team.
At present, Vanda China has offices in six major cities and a service team covering around 20 provinces. The acquisition will allow PCCW Solutions to expand its coverage from four offices to seven in major cities in China.