China IT Outsourcing Leader, Freeborders, Acquires ITK Solutions; Freeborders Expands Onshore Team of
Financial Services Industry Experts With Acquisition of IT Management Consulting Firm
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 8, 2006--
Freeborders, a leading provider of technology solutions and outsourcing from China, announced
today the acquisition of ITK Solutions, an IT management consulting firm specializing in technology
project delivery for financial services companies. ITK Solutions will expand Freeborders' onshore team
of experts in the financial services industry, a key growth area for Freeborders.
Headquartered in New York City, ITK Solutions provides expert IT management in delivering
technology solutions to financial institutions. The acquisition of ITK Solutions will also bring a
top-tier client list of global banks, investment banks, and hedge funds to Freeborders.
"The ITK Solutions team brings an outstanding track record to Freeborders and we see the financial
services market as a huge opportunity for China IT outsourcing leaders in 2006," said Freeborders co-
CEO Ramsey Walker. "The quality of the ITK Solutions team is one of the main drivers of this deal. ITK
management has many decades of experience with top-tier financial services firms."
According to a November 9, 2005 report by Gartner entitled "What Chinese IT Services Providers
Must Do to Succeed In the Global Market," it states, "Many buyers of IT services have gone beyond cost
as the main issue and are seeking other areas of value, such as unique domain expertise and experience
in customers' specific industries."
The ITK Solutions acquisition is the second announcement since September signaling Freeborders'
growing presence in the financial services technology market. Freeborders secured $20 million in
expansion capital last September from FTVentures, whose Global Partner Network contains 38 of the
largest financial institutions in the world, Internet Capital Group (NASDAQ:ICGE), and TAL
Investments.
Freeborders has also become one of the first CMMI Level 5 certified companies in China
and completed the first phase of expansion at its Shenzhen technology center, increasing capacity to
over 600 seats. The ITK Solutions acquisition completes the first phase of Freeborders' expansion of
its North American and European client delivery teams in financial services.
For ITK Solutions, the acquisition offers broad benefits to its current customers by combining the
cost and quality advantage of Freeborders' offshore team in Shenzhen, China with ITK's onshore
expertise in project management and financial services applications.
"Freeborders gives us a tremendous technology development team that will deliver significant cost
and time savings to our customers and enable us to offer services on a much larger scale than ever
before," said Susan Kirchhoff, ITK Solutions' founding partner. "ITK's onshore expertise and
Freeborders' offshore development talent will benefit our customers in a myriad of ways."
ITK Solutions will exist as a wholly-owned, co-branded subsidiary of Freeborders.
About Freeborders
Freeborders is a leading provider of technology solutions and outsourcing from China. Freeborders
provides industry expertise to North American and European companies in financial services,
technology, retail/consumer goods, manufacturing and transportation & logistics. Headquartered in San
Francisco with offices on three continents, Freeborders has developed a track record of service
delivery to the Fortune 1000 by combining world-class project management in both hemispheres with one
of the largest technology centers in China. Freeborders believes China's massive and growing supply of
IT talent and the country's emerging importance in the global supply chain make China a strategic
imperative for any company seeking cost-effective world-class technology solutions.
About ITK Solutions, LLC
ITK Solutions, a Freeborders company, is an IT Management Consulting firm with deep knowledge in
financial services and technology project delivery. ITK combines the experience, knowledge and true
commitment typically found on internal IT teams, with the effectiveness, productivity and discipline
typically valued in consulting teams. ITK's people have delivered real solutions to real business
challenges.
Source: Freeborders
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