Chinese offshore software developer VanceInfo Technologies Inc. has acquired the operating subsidiaries of Hong Kong customer relationship management firm TP Corporation Limited.
VanceInfo will pay an initial consideration of approximately USD1.1 million in cash. Contingent consideration will be paid based on TP's financial performance in the next 18 to 30 months.
Headquartered in Hong Kong, TP develops and markets customer care software products in China and Southeast Asia and provides call center outsourcing services in Hong Kong. With over 25,000 CRM software licenses installed, TP helps its clients in telecommunications, financial services and government sectors to automate customer operation, support and management. For the five months ended May 31, 2009, the estimated revenues of TP are approximately USD3.9 million.