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Wuhan Iron and Steel Forms Information Technology Joint Venture

07/09/2012 - Camelot Information Systems Inc. and Wuhan Iron and Steel Engineering Technologies Group have signed an agreement to establish a joint venture to create a platform upon which to develop and grow the IT applications business for the iron and steel industry.

Camelot Information Systems Inc., a leading Chinese provider of enterprise application services and financial industry information technology services, announced that on 28 June 2012, the company signed a definitive agreement with Wuhan Iron and Steel Engineering Technologies Group Co., Ltd., the technology subsidiary of Wuhan Iron and Steel Group, to create a joint venture named Wuhan Steel Camelot Information Systems Co., Ltd.
The joint venture, in which each party plans to invest RMB 11 million (US $1.7 million) for a 50% interest, is designed to create a platform upon which to develop and grow the IT application business for the iron and steel industry. The joint venture will bring together the strengths of both companies: Camelot's brand, talent, technology, and management expertise, alongside Wuhan Iron and Steel's industry expertise and market knowledge. By leveraging these valuable assets, the joint venture will create the premier platform for high-end software development, related product R&D, and the development of outsourcing and other customized solutions for the iron and steel industry.
"The Wuhan Iron and Steel joint venture will bring together our strengths with those of a leading steel company. I am looking forward to seeing the development of end-to-end software applications that will help the steel industry run more efficiently," said Mr. Simon Ma, Camelot's Chairman and CEO. "We believe that this joint venture will enable Camelot to establish a leadership position in the steel industry."
"We are delighted to partner with Camelot and look forward to combining resources to realize operational efficiencies in several steel plants' Manufacturing Execution Systems (MES), including those already in place and those to be built that can benefit from leading-edge Enterprise Resource Planning applications," said Mr. Song Shi-Wei, CEO of Wuhan Iron and Steel Engineering & Technology (WISET) Group.
Wuhan Iron and Steel Engineering Technologies Group Co., Ltd., founded in 2002, is the high-tech industry arm of Wuhan Iron and Steel (Group) Corp. The company, with total assets of RMB 2.2 billion, is primarily engaged in information and automation, metallurgical engineering and technical services, new energy, environmental protection and energy conservation, electronics and other high-tech industries.
Camelot is a leading Chinese provider of enterprise application services and financial industry information technology services, focusing on the high end of the IT value chain. It is the largest domestic provider of SAP-based Enterprise Resource Planning services in China, as measured by its 2010 revenues and the number of SAP consultants as of 31 December 2010, according to International Data Corporation. IDC also ranked Camelot the number-one service provider in the banking testing market in 2010. Camelot also operates in other areas of the Asia Pacific region, including Taiwan and Japan. It provides services to a wide range of industries, including financial services, resources and energy, manufacturing and automobiles, technology, as well as telecommunications, media and education.