Yucheng Technology Limited (NASDAQ: YTEC), a leading IT service provider to the Chinese banking industry, today announced that the International Data Corporation (IDC) has named Yucheng the No. 1 Banking IT solution provider in China for calendar year 2010. Yucheng’s market share rose from 4.3% in 2009 to 5.2% in 2010.
IDC ranked Yucheng first as an IT solution provider, by revenues and market share, for the first time in three years; second in both Channel Solutions and Management Solutions; first for e-banking solutions including loan management solutions and business intelligence solutions; and third in risk management solutions, intermediary business solutions, and ERP solutions.
“We are pleased with the latest rankings from IDC that indicate our company continues to prosper in this highly competitive industry through our constant focus on providing high quality solutions and services. We maintained the top ranking in our strongest solution in e-banking while gained in several fast growing solutions such as loan management and business intelligence,” said Weidong Hong, CEO of Yucheng in a press release on Wednesday. “According to the IDC estimate, the industry will grow at the CAGR of 19.9%for the next five years. Being the top player in a very competitive yet more rational industry than in the past, we are confident we will continue to gain market share and strive to maintain our top position in the industry.”
Based in Beijing, Yucheng has approximately 2,200 employees and an extensive nationwide network in 23 cities. Yucheng provides clients with a comprehensive suite of IT solutions and services, including online banking, call centers, core banking systems, foreign exchange, treasury management, risk analytics and business intelligence. Yucheng leads the way as a third-party provider of POS merchant acquiring services in conjunction with Chinese banks.
IDC is the top global provider of market intelligence, advisory services and events for information technology, telecommunications consumer technology markets. IT professionals, business executives and the investment community use IDC data to make fact-based decisions on technology purchases and business strategy. IDC analysts provide expertise on opportunities and trends in over 110 countries.
Source:beaconequity