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HiSoft Technology Int'l (HSFT) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
HiSoft Technology Int'l (HSFT) (NASDAQ:HSFT) provides information technology and research and development services for companies in the U.S. and Japan. The company is based in China. According to International Data Corporation, in 2009, this company ranked second largest China-based provider of outsourced software development services by revenue. The customers are mainly technology and financial services. As of 31 March 2010, technology clients accounted for 60.9% of net revenues and financial services accounted for 24.6% of net revenues. [1]
With rapidly changing economic and business horizons, corporations are facing intense competition and increased globalization. In order to keep pace upgrading and expanding technology platforms, corporations can keep fixed costs low by outsourcing its IT. According to IDC, the worldwide offshore IT services market has grown from $13.1 billion in 2005 to $31.1 billion in 2009. [1]
The company filed an initial public offering (IPO) on the NASDAQ on 30 June 2010. The company's stock priced at $10.00, below the range of $11.00-$13.00. The company offered 7.4 million shares to raise $74 million. [1]
For FY2009 with year ended 31 December 2009, the company had net revenues of $91.46 million, down 9.2% from $100.72 million in net revenues for FY2008. Furthermore, the company had a net income of $7.36 million in FY2009, a large increase from a net loss of $10.7 million in FY2008. As of 31 March 2010, the revenues were distributed with 51.1% in IT services and 48.9% in research and development. [1]
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