Langji provides HR solution for China’s coal-mining industry, and in 2010, it had total audited revenue and net income of $1m and $0.26m, respectively.
Zhongrui, Langji’s Shanghai-based sales and marketing unit, will remain a subsidiary of Langji and will focus on small and medium-sized companies in other industries.
The purchase price is payable in four installments, and a portion of consideration for the acquisition deal will be paid from shares repurchased by Pansoft on the open market.
Pansoft said that the combination of Langji’s and Zhongrui’s core proprietary technologies, such as coal-mining HR solutions, with its solution portfolio and technology platform will create a broad portfolio of services and solutions for its coal-mining clients.
Pansoft is a provider of enterprise resource planning software and professional services for the oil and gas industry in China.
