The Chinese Electronics Corporation, CEC, has signed a share purchase agreement acquiring the Pactera Group. This now means that Pactera Group is a member of the CEC. According to the CEC, they feel that Pactera will become a valuable asset to the IT application service field in their portfolio.
The CEC is a for-profit company that was founded in 1989. They use their subsidiaries to design, manufacture, develop, and sell system integration and consumer electronic products. They currently employ over 10,000 and are headquartered in Beijing, China. The CEC has been a prominent part of the Fortune 500 community for many years.
At the end of 2019, the CEC reported that they have 22 subsidiaries, 14 holding companies, and over 150,000 employees among all of them.
Pactera is a Chinese IT solution company that was founded in 1995. They cover services worldwide that include digital consulting, implementing technology, experience interaction, and operations, they currently have relationships with 154 companies on the Fortune 500 list.
Pactera was named as China’s Top System Integration Partner of the Year by Microsoft during its annual awards in 2019. The incorporation of Microsoft’s Cloud was pivotal in the creation of the Pactera Cloud Partner Alliance which made marketing opportunities to and from China available across regions. It was only natural that they would fall within the radar of the CEC.
It is the belief of Tiak Koon Loh, the CEO of Pactera, that the company will be able to expand and have more room to grow with the help of CEC’s resources and market. This will allow Pactera to have a larger global presence and possibly gain businesses that were not within reach prior to the agreement with CEC.
Things are looking up for both the CEC and Pactera as they embark on this journey together offering excellence in the field of IT solutions and expanding their growth in the current market.