Wednesday, June 16, 2010

Pansoft acquires full stock of Beijing ITLamp Technology

Pansoft Company Limited, a British Virgin Islands-registered provider of software ERP solutions and on-demand customized services for oil and gas industry in China, announced that it has signed an agreement for the acquisition of 100 per cent equities of Beijing ITLamp Technology Co., Ltd., for approximately US$3.07 mln. US$1.17 mln of this sum will be paid in cash and the balance in restricted Company stock (approximately US$1.90 mln).

The purchased company is an IT solution and service provider servicing oil companies with digital desktop office platform, material supply system, analytical and test system. ITLamp has developed over 20 software programs in different areas of the oilfield operations. The major customer of ITLamp is PetroChina Tarim Oilfield Company.

According to Pansoft's announcement, the BVI company will leverage ITLamp's customer base and solutions to increase its presence in the oilfield market segment. Also, ITLamp's core proprietary technologies will be combined with Pansoft's solution portfolio and technology platform, and provide higher quality services and more comprehensive solutions to its clients.

Hugh Wang, Chairman of BVI company's Board, said that, following the acquisition of Hongao Power's technology and service, Pansoft reached another important milestone in its expansion plan for 2010 with the acquisiton of ITLamp.