by CIO Staff

Outsourcing Provider Achievo Raises $24M

Feb 27, 20072 mins

Outsourcing services provider Achievo, which has much of its operations based in China, has raised US$24 million from private and institutional investors, the company announced Monday.

Achievo has grown rapidly in recent years through a string of acquisitions and will use the injection of funds “to cover current obligations and future operating needs,” it said. Most of those acquisitions, done using a combination of company stock and cash, have been funded through the company’s own revenue.

Based in California, Achievo has offices in Japan, Germany, Taiwan, Canada and the United States that serve as a front end, working closely with clients. The company also has six offices in China, where most of the back-end programming work is done using .Net and Java.

Last August, Achievo’s chairman and CEO, Robert Lee, said the company plans to expand further through acquisition, particularly in Europe and Australia. That could lead the company to raise additional funds from investors.

“If we decide to pursue additional funding in the future, it will be related to major acquisitions and strategic corporate development initiatives,” said Julio Leung, Achievo’s CFO, in a statement announcing the latest round of investment in the company.

-Sumner Lemon, IDG News Service (Singapore Bureau)

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