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Two Singapore-based heavyweight IT companies teamed up yesterday to accelerate their growth in the burgeoning Chinese market, in an attempt to offset the global high-tech slowdown.
Under the deal, the National Computer Systems Ltd (NCS), a subsidiary of Singapore Telecom and Singapore's largest IT and engineering supplier, bought 51 per cent of IPACS Computer Services Ltd, another Singapore-based high-tech solution company at a cost of 19.62 million Singapore dollars (US$10.96 million).
"The combination of our established track record and expertise with NCS's new products could greatly enhance our capacity to offer broad value-added services and solutions to our customers in China," said Wong Sing Lam, chairman of IPACS Group of Companies Asia Pte Ltd, whose company has had a presence in China for over 12 years.
"NCS will leverage on IPACS computer services' domain and technical knowledge of local industries in China's market as the key expansion strategy to better serve the Chinese market," said NCS Chief Executive Officer Lee Kwok Cheong.
Lee said that the company also plans to boost its overseas revenues to over 30 per cent of its total from the current 10 per cent in the coming several years, among which a large proportion will be generated from China.
"The alliance will make us well poised to capitalize on the opportunities offered by this fast growing market," Lee said.
(China Daily October 23, 2002)
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