As stated by Michael Wu, CFO of iSoftStone, the capital will be used to fund further growth, including working capital, delivery platform expansion and potential strategic acquisitions.
iSoftStone Holdings Limited, a Beijing, China-based provider of IT and Business Process Outsourcing Services to clients in China and globally, has closed an undisclosed round of growth financing.
The round was led by Everbright Private Equity, the private equity arm of China Everbright Limited (Everbright, HKSE: 0165), a red-chip financial conglomerate listed on the Hong Kong Stock Exchange and a shareholder of China Everbright Bank.
Joining the round were existing investors AsiaVest Partners, Fidelity Asia Ventures, Infotech Pacific Ventures, Mitsui Ventures and Global Fund Wuxi Jinyuan Industry Investment Development Co. Ltd.
“During the past year, in spite of severely impaired global capital markets, iSoftStone raised more than $65m, 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”. he said.