BEIJING, Sept. 7, 2011 /PRNewswire via COMTEX/ -- iSoftStone Holdings Limited ("iSoftStone" or the "Company," NYSE: ISS), a leading China-based IT services provider, today announced that it has signed an investment agreement with Chengdu Investment Holding Group Ltd. ("CDIH"), a government investment arm, to form a healthcare IT Joint Venture called "Chengdu Healthcare Data Exchange & Network Management Company." iSoftStone and CDIH together will invest a total of RMB100 million (approximately US$ 16 million) into the new venture, with iSoftStone owning 49% of the joint venture and CDIH owning 51%.
The joint venture, to be operated by iSoftStone, will be the exclusive entity to design, build, and operate a sophisticated healthcare data exchange network while also implementing data-sharing standards in Chengdu, a major city with 15 million citizens in Southwest China.
In addition, the joint venture will also provide cloud computing and infrastructure management services to healthcare providers and public health agencies. This comprehensive data exchange platform should enable healthcare providers and public health organizations to share data across various clinical and financial systems across the region, thus increasing the efficiency of care and resource allocation.
T.W. Liu, Chairman and Chief Executive Officer of iSoftStone, said, "With its aggressive healthcare reform agenda, Chengdu has become a leading city for health innovation in China. We are very pleased to be awarded this landmark opportunity to serve our visionary client - the municipal government of Chengdu, with our traditional strengths in technology combined with our new service offerings in healthcare."
iSoftStone has grown its healthcare team and offerings over the past two years through acquisitions and strategic partnerships. Last year, iSoftStone entered into an exclusive agreement that brought Microsoft's HealthVault to China for the first time, thus enabling citizens to interact with hospitals and doctors using HealthVault.
About Chengdu Investment Holding Group Ltd.
Chengdu Investment Holding Group Ltd. is an asset management and holding company. Its key asset portfolios consist of banking, insurance, securities, financial lease, and real estate, etc., with a total value of its assets at about US$ 30 billion. CDIH is the major shareholder of the Chengdu City Commercial Bank Co., Ltd. and the Chengdu Rural Commercial Bank Co., Ltd.
About iSoftStone
iSoftStone /quotes/zigman/2798867/quotes/nls/iss ISS +0.69% is a leading China-based IT services provider serving both greater China and global clients. iSoftStone provides an integrated suite of IT services and solutions including consulting & solutions, IT services, and business process outsourcing services. The company focuses on industry verticals that include technology, communications, banking, financial services, insurance, energy, transportation, and public sectors. For more, please visit: www.isoftstone.com