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Amdocs realigns China strategy with Longshine divestment |
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Amdocs has said that it is realigning its strategy in China, and has inked an agreement that will see it divest an 81 percent majority stake in its Longshine business to a newly-formed and locally-managed entity, Longshine Technology Holding, Ltd. Amdocs said the divestment will allow Longshine to focus on its core strength in custom built development services for telecommunications and utilities companies in China, while Amdocs can continue to address the needs of service providers in China with its CES 8 portfolio.  Quelling speculation about its real intentions, Amdocs statement also said that it “remains committed to the Chinese market and will pursue opportunities in China both directly and through its holding in Longshine.” It said it would continue to offer its CES 8 products throughout China and support current customers, including Beijing Mobile in its Beijing support center. Additionally, it said it plans to operate and grow its delivery center in Tianjin.XianBiao Zheng, CEO of Longshine said this deal brings about opportunities locally while being a step that would allow both companies to focus on their “areas of competitive strength." Ayal Shiran, head of the Customer Business Group for Amdocs Management Limited said his company is committed to success in China, even though the market dynamics did not evolved “in the way we had anticipated when we acquired Longshine in 2005.” He said numerous Chinese telecom companies still demand locally-driven, custom built system development from companies like Longshine, while “much of Amdocs' strength lies in our industry-leading CES 8 portfolio and our success in delivering our own products.” Consequently, Amdocs decided to “seek local leadership to maximize the opportunity that exists today for Longshine and better enable Amdocs to focus on its core value proposition." Amdocs said it expects to record a $0.09 to $0.11 per share after-tax charge in the quarter ended March 31, 2010 related to the divestiture of the Longshine. The transaction is is expected to close by the end of April 2010. |
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