Tuesday, September 16, 2008

Yucheng Technologies announced the formation of Elegon, a joint venture with 3i Infotech

Yucheng Technologies Limited, the company registered in the British Virgin Islands and engaged in providing IT services to the Chinese banking industry, announced in the end of August the formation of Elegon Infotech Limited, a joint venture with an Indian company 3i Infotech Limited, which will be the first significant Sino-Indian joint venture in the Chinese financial technology sector.

Elegon will focus on localizing financial technology software from 3i Infotech, including internationally renowned insurance, banking and securities software platforms, to meet the needs of China's diversified financial services sector.

Due to the high degree of complementarity with its existing solutions, Yucheng will be able to cross sell Elegon's products to its existing client base, and expand into new markets, such as insurance and securities sectors.

Elegon, Ltd. is owned 51% and 49% by 3i Infotech and Yucheng, respectively. Commenting on the development of the joint venture, Mr. Weidong Hong, CEO of Yucheng Technologies Ltd, said, “Our goal is to develop solutions that support the financial services sector in China. When 3i Infotech approached us about localizing and exclusively distributing their internationally recognized software in China, we knew this was an opportunity to diversify our service offering and expand into new client bases. We are pleased to be working with such a globally recognized partner."