Insigma Technology, State Street Partner in Joint Venture

BEIJING (April 5, 2007) – After becoming a strategic cooperation partner of Microsoft, Insigma recently entered into equity cooperation with the State Street Group of the United States. Insigma published a notice announcing that the company had signed a series of agreements, including equity transfer and joint venture operation contract with the US company, under which Insigma will transfer 49 percent of shares it holds over the Insigma Hengtian Software Co. Ltd. to State Street. 

After the transfer, Insigma Hengtian will become a Sino-foreign joint venture, with Insigma holding 51 percent of its shares, and State Street, 49 percent. After friendly negotiation, the transfer price is set at 4.9 million yuan, the notice says. After the joint venture is launched, State Street will offer the joint venture company its global customer network and assist it in establish new customer relations, while Insigma will make full use of the labor resources and technology advantages of the company itself and Zhejiang University to offer technical support to the joint venture. 

Insigma is solely entitled to rights and interests of the joint venture within three years after the establishment. State Street of the United States is a listed company on the New York Stock Exchange. It mainly engages in financial capital services and financial capital management.