British Virgin Islands-registered Pansoft Company Limited made an announcement that it has signed the agreement with two Japanese companies, Management Information Center Co., Ltd. and Seven Colors Corporation, to form a joint venture under the name Pansoft (Japan) Company Limited. The newly formed JV will merge the related divisions from the Japanese companies to engage in a contractual relationship with Sharp Business Software Development Center (SBC), a unit of Sharp Corporation, to conduct outsourced testing of mobile-phone software.
Under the terms of the agreement, the BVI corporation will invest US$2.7 million for 80% stake in Pansoft (Japan) Company Limited, which will have two subsidiaries. One of them will be based in Osaka, Japan, and will be comprised of the two departments merged from the JV Partners, and the second one will consist of a software development and testing center based in Jinan, China.
Management Information Center Co., Ltd. and Seven Colors Corporation will be responsible for sourcing business orders and maintaining the relationship with SBC.
Chairman of the BVI company Hugh Wang said that joint venture with Japanese entities is the starting point of company’s entry into the Japanese outsourcing market, and they are optimistic about the market demand for overseas software outsourcing services. By his words, the mobile-phone software market is also expected “to experience dramatic growth” in the near term. In two years, Pansoft is expected to reach more than JPY 1 billion in annual revenue.