Supplier　selection　is　a　critical　issue　in　information　systems(IS)　outsourcing　decision,　and　it　is　a　difficult　problem　which　includes　both　tangible　and　intangible　factors.　Besides　cost　and　benefit　analysis,　some　intangible　factors　such　as　risk　also　need　to　be　considered.　In　this　paper,　a　mules-objective　programming　model　is　proposed　to　help　outsourcers　to　select　IS　providers.　This　model　considers　cost　and　risk　factor　simultaneously　in　distribution　of　modules　among　candidate　suppliers　to　minimize　the　total　cost　and　failure　rate.　Then　according　to　the　difficulty　of　solving　of　this　complicated　nonlinear　integer　programming　model,　a　modified　hybrid　algorithm　is　proposed　to　obtain　the　most　preferred　non-dominated　solution.　This　algorithm　is　a　hybrid　algorithm　combining　genetic　algorithm　and　particle　swarm　algorithm.　Finally,　a　numerical　example　shows　the　effectiveness　and　feasibility　of　the　model,　and　proved　the　convergence　of　the　hybrid　algorithm.