Beijing, May 20, 2008 – Think3 Inc. the only supplier to offer technology solutions that combine product concept, engineering and tooling environments, and Beijing Extech Science and Technology Co Ltd, a Chinese leading PLM software vendor, have announced the creation of a joint venture called EXTECH. Supported by new investment in think3 from world leading venture capital firms NEA and CrossLink, the newly launched company is set to become the leading player in the Chinese manufacturing software market. The alliance will allow think3 to enter this strategic market to jointly provide CAD/CAPP/PDM/MPM integrated solutions through Beijing Extech Science and Technology’ established sales network backed up by its deep understanding of Chinese customer requirements. The new investments in the joint venture will considerably strengthen EXTECH’s R&D capability and local support coverage. EXTECH will also benefit from Beijing Extech Science and Technology Co Ltd’s strong distribution and sales network which counts 18 sales offices across the country, with over 6,000 customers. The new company will combine think3’s current solution offering with EXTECH’s portfolio of products to penetrate the fast growing Chinese CAD, CAM and PLM markets with cutting edge solutions.
Filippo Zuccarello, CEO of think3, Joneson Wang, CEO of Beijing Extech Science and Technology Co. Ltd., and the new management team presented the background to the Joint Venture and shared the vision for the aggressive growth plans at the Official Announcement Ceremony in Beijing. The new company will have its head quarters in Beijing and the global R&D organization will have bases in China, Italy, France and India.
“This agreement is key to think3’s strategy to grow its direct presence in China” said Filippo Zuccarello, CEO, think3 and Chairman of EXTECH. “Drawing on the combined strengths of think3 and Beijing Extech Science and Technology, the newly launched company will be able to deliver incredible value through expanded research and development, a broader range of products and services and massive sales and support capabilities”.
“The winning formula combining advanced international technology and strong financial investment will provide Chinese customers with the perfect technology solution coupled with an excellent customer orientated local service. This unique position of EXTECH as a Chinese company with a Global Technology and Development Network will enable Chinese Manufacturers to rapidly become innovation leaders” said Joneson Wang, President & CEO, of EXTECH.
“The joint venture between Think3 and Beijing Extech Science & Technology is a new business model for our investment strategy in China. We believe the new venture will create tremendous value to Chinese customers and make a great contribution to the IT revolution of Chinese manufacturing industry by combining initiatives around technology, product portfolio and marketing. Our team in China fully endorses the new venture. We also strongly believe the Chinese Government and industry partners in will support the new company,” concluded Mark Perry, General Partner of NEA.
EXTECH combines advanced technology from think3, global R&D resources as well as local culture and knowledge from Beijing Extech Science & Technology Co. Ltd. to form a new PLM provider, delivering fully integrated solutions from concept design to manufacturing production. This puts EXTECH in an enviable position to quickly become the largest PLM player in China.
Representatives from the Chinese Government Science & Technology Committee, the Ministry of Industrial Information, Tsinghua University and Italian Embassy attended the ceremony. They encouraged EXTECH to use advanced technology and over 14 years of local support and services to unveil the latest PLM integrated solutions and significantly contribute to innovation in the Chinese manufacturing industry.
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About think3, Inc.
think3 has been operating in the ICT sector for more than 25 years and provides the only technology that links three separate design areas: the concept, its development and the finished product. In this way, think3 enables thousands of company customers to innovate, to compete and to rise to the challenges of global markets, by the integration of processes, which helps to accelerate time to market and to reduce costs. Having been active in emerging markets with dedicated structures for many years, think3 can provide outsourcing services, thus offering companies a new opportunity to go international. All this means that think3 can count among its customers some of the most significant enterprises in the industrial market. With offices in Europe, Asia and USA, think3 is present throughout other global markets too, with its network of selected VARs.
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About Extech Science & Technology Co. Ltd
Beijing Extech Science & Technology Co., Ltd, owned by Tsinghua Chengzhi Technology Development Co.,Ltd , is a large-scale software enterprise specializing in developing software and providing China manufacturers with frontline IT products and services. Ever since its establishment in Tsinghua Science Park in 1994, Beijing Extech has already grown into a powerful force that can exert great influence in the industry in its mere ten years development.
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