Software

HiSoft Completes VC Round, Appoints New CEO

Granite Global Ventures has led a round of financing in Chinese software outsourcing firm HiSoft.

Draper Fisher Jurvetson ePlanet Ventures, Mitsubishi UFJ Securities (HK) Capital Limited and Sumitomo Corporation Equity Asia Limited also took part in providing an undisclosed amount of money to HiSoft.

The new round of financing follows the Series-A investments in HiSoft in 2004, when investments were made by Granite Global Ventures (GGV), Intel Capital, Granite Global Ventures, International Finance Corporation (IFC) and JAFCO Asia.

This new Series-B investment will be used to further strengthen HiSoft's management and delivery teams as well as to pursue organic and inorganic growth.

HiSoft also announced the appointment of Loh Tiak Koon as the company's new Chief Executive Officer and a member of the company's Board of Directors.

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