In a press statement released Wednesday, Chinese IT company iSoftStone (NYSE: ISS ) announced that it has completed its planned joint venture, called iSoftStone Technology Service Limited, with Chinese telecom company Huawei.
iSoftStone first announced the planned joint venture, which will serve the technology and communications industry, in September. Seventy-five percent of the new venture will be owned by the company, with Huawei owning the remaining 25%; the joint venture begins operations today.
Chairman and CEO of iSoftStone T.W. Liu, who will act in the same roles for the new joint venture, was quoted in the press release as saying "The new joint venture fuses Huawei's excellent practices in management and its leading position in the [information and communications technology] market with iSoftStone's accumulated vertical depth in technology and communications services."