Janney/VIT: Time To Start Thinking About the Merger | Market Analysis

By Joseph D. Foresi

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VanceInfo reported quarterly results roughly in line with expectations. FY12 revenue guidance was raised but FY12 EPS guidance was lowered as the company attempts to shift impacted employees to other projects as a result of cancellations with two large clients. Synergies of the merger with hiSoft include scale to compete on a global basis, complementary customer bases, and cost reduction opportunities (2% of revenue within 18 months of the deal closing). We maintain our NEUTRAL rating.

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