iSoftStone, a Leader in Global Outsourcing from China, Secures a Round of Financing Led by Everbright
By Isoftstone Holdings Limited, PRNESunday, January 24, 2010
BEIJING, January 25 - iSoftStone Holdings Limited, a leading China-based provider of IT and
Business Process Outsourcing Services to clients in China and globally,
announced today it has closed a round of financing led by Everbright Private
Equity, the private equity arm of China Everbright Limited (Everbright, HKSE:
0165), a leading red-chip financial conglomerate listed on the Hong Kong
Stock Exchange and a substantive shareholder of China Everbright Bank. China
Everbright Bank, a nationwide commercial bank, has been a client of
iSoftStone since 2007. Joining the round were existing investors AsiaVest
Partners, Fidelity Asia Ventures, Infotech Pacific Ventures and Mitsui
Ventures Global Fund. Also joining this funding round is Wuxi Jinyuan
Industry Investment Development Co. Ltd, an investment arm of the Wuxi
municipal government, which is making an investment in iSoftStone as part of
its commitment to supporting China's rapidly growing outsourcing industry.
(Logo: www.newscom.com/cgi-bin/prnh/20070316/CNF016LOGO )
"We are pleased to complete this growth financing with a well-regarded
partner such as Everbright Private Equity. We believe that this investment,
which comes from an existing client of iSoftStone, is a validation of our
service offering, particularly with domestic Chinese banking clients," said
TW Liu, Chairman and CEO of iSoftStone. "Additionally, we are pleased that
our existing investors have chosen to invest alongside Everbright Private
Equity, representative of further confidence in iSoftStone's continued
success in what has been a very dynamic market environment."
"Everbright is pleased to have the opportunity to support our strategic
relationship with iSoftStone," said Everbright Private Equity's Chairwoman,
Ms. He Ling. "iSoftStone's unique 'China + global' market positioning, client
value proposition and world-class management team are key differentiators for
us, as both a client historically and also now as a strategic investor."
"During the past year, in spite of severely impaired global capital
markets, iSoftStone raised more than $65 million, which includes the
Everbright-led investment and capital obtained from a number of domestic
Chinese commercial banks, which provides a strong capital base to support our
continued growth," added Michael Wu, CFO of iSoftStone. "Our strong capital
base will be used to fund further growth, including working capital, delivery
platform expansion and potential strategic acquisitions."
About iSoftStone
iSoftStone Holdings Limited (iSoftStone) is a global provider of business
consulting, IT outsourcing, and business process outsourcing services to
clients in the United States, Europe, Japan, Korea, and Greater China.
Headquartered in Beijing with offices in key client geographies, iSoftStone
provides a comprehensive end-to-end service offering including on-shore
client-facing business consulting, and off-shore delivery of IT outsourcing
and software product engineering services. iSoftStone focuses on key client
industries including financial services, telecommunications, high technology,
energy & utilities, and healthcare, etc. For more information, please visit
www.isoftstone.com .
About Everbright
Everbright Private Equity is the private equity arm of China Everbright
Limited (Everbright, HKSE: 0165), a leading red-chip financial conglomerate
listed on the Hong Kong Stock Exchange. China Everbright Limited is a
substantive shareholder of China Everbright Bank. Established in August 1992,
China Everbright Bank is headquartered in Beijing and is a financial
institution that is founded under the approval of the State Council and the
People's Bank of China. Since its inception, the Bank has been implementing a
client-centered and market-oriented strategy in a prudent manner. It closely
keeps up with the restructuring and development of the Chinese economy and
the financial industry, and continuously reforms and updates itself,
providing quality financial services to all its retail and corporate clients.
For more information, please visit www.everbright165.com/pefund_1.aspx .
About AsiaVest Partners
AsiaVest Partners, TCW/YFY Ltd. is a leading venture capital firm
investing in private companies in the Greater China Region, including Taiwan,
China, Hong Kong and the United States. Since its founding in 1995, the Firm
has been nurturing companies with innovative technologies, competitive market
positions, and strong management teams to develop high growth businesses. The
Firm manages over US$980 million with strong presence throughout Asia and the
U.S. AsiaVest's investment focus is on the semiconductor, information
technology, wireless, software, manufacturing and consumer related
industries. For more information, please visit www.asiavest.com .
About Fidelity Asia Ventures
Fidelity Asia Ventures (FAV) is the Asian venture capital arm of Fidelity
International Ltd., part of the global Fidelity investment organization. FAV
has offices in Hong Kong and Shanghai and invests in high-quality,
high-growth companies in the Asian information technology and healthcare
sectors, focusing primarily on opportunities in China. FAV has a successful
track record of investing in leading companies in the region over the past 12
years, including Alibaba, Hurray! (NASDAQ: HRAY), AsiaInfo (NASDAQ: ASIA),
Dianji Technology, Wuxi Pharmatech, Xunlei, Zhongsou, and Asia Renal Care.
Sister fund, Fidelity Ventures, manages over $800 million in investments from
offices in Boston and London. For more information visit
www.fidelityasiaventures.com .
About Infotech Pacific Ventures
Infotech Pacific Ventures is a China-focused venture capital firm focused
on investing in early-stage companies in the semiconductor, components &
systems, telecommunication & network technologies as well as enterprise
software industries. Infotech primarily seeks early stage opportunities that
leverage the vast market, rapid technology adoption and capital efficiency.
In addition, Infotech seeks opportunities to invest in companies with
disruptive technology and the potential for global scalability.
www.infotechcapital.com .
About Mitsui Ventures
Mitsui Ventures ( www.mitsuiventures.com ) is the venture
investment arm of Mitsui & Co., Ltd., an international trading and investment
company headquartered in Tokyo, Japan ( www.mitsui.co.jp ).
Independent of strategic objectives of Mitsui & Co.'s other business units,
Mitsui Ventures acts as a financial investor and mainly provides early stage
capital to entrepreneurial ventures in the world. Over the years, with a
special expertise to accelerate business growth globally, Mitsui Ventures has
invested in and contributed to the success of start-ups in the fields of
communication, software, information services, life science, medical device,
and retail services. Located in Tokyo, New York, Silicon Valley, Shanghai and
Seoul, we currently manage over US$350 million in capital.
Press contact: iSoftStone Sophie Yang Tel: +86-10-5874-9169 Email: jhyang@isoftstone.com
Sophie Yang of iSoftStone, +86-10-5874-9169, or jhyang at isoftstone.com
Tags: Beijing, China, iSoftStone Holdings Limited, United Kingdom