MS unveils software venture in China
Published: 11 Apr 2002 14:35 BST
Software giant Microsoft has formed a joint venture with Shanghai Alliance Investment to develop and market software services for the China market.
With a $4m capitalisation, the newly formed Shanghai Wicresoft is slated to begin operations in July, said Jun Tang, Microsoft China president. Microsoft and Shanghai Alliance will have equal ownership in the new company.
Wicresoft will concentrate on developing proprietary applications for both Chinese and foreign customers, Microsoft said in a statement. Multinational firms based in China will also be able to outsource software development to the new company.
"We will commit an executive team to help Wicresoft achieve international excellence," Microsoft said, adding that Tang will head the company.
One of Tang's main responsibilities will be to prepare a new management team to run the company by 2004.
Additionally, Microsoft has awarded a global outsourcing contract to Wicresoft to provide technical support for Microsoft Windows and Office. The value of the deal was undisclosed.
Today's announcement marks Microsoft's second such partnership in China. In January, the software giant invested $3.6m to establish software solutions firm Zhongguancun Software with China's Beijing Centergate Technology (Holding) and Hong Kong's Stone Group.
Have your say instantly, and see what others have said. Go to the Finance forum.
Let the editors know what you think in the Mailroom.
Did you find this article useful?
29 out of 71 people found this useful
Digg
Slashdot
Del.ici.ous
Stumble
Reddit
