The Digital Source For China's Tech Innovation Since 2000

Search
Close

Worksoft Secures US$30 Million VC Funding

May 31, 2006
Software

Worksoft Creative Software Technology has closed a US$30 million Series B venture capital financing round led by Sequoia Capital US and Sequoia Capital China.

Worksoft is a leading China-based provider of outsourced business software solutions to Global 2000 firms. The company's client roster includes names such as IBM, Oracle, Microsoft, TIBCO, Hewlett-Packard, General Electric, Matsushita, Sony and Roche.

This cooperation marks the first direct investment abroad to China by Sequoia Capital US. This second-round investment will be used to extend Worksoft's aggressive expansion plans and increase its pipeline for a strategy of mergers and acquisitions.

Joining the round were existing investors DCM-Doll Capital Management and Legend Capital.

"Sequoia Capital is a highly distinguished venture capital firm with the expertise and connections to drive value added capabilities for our company. This investment is an endorsement of Worksoft's solid vision and strategy, as well as our excellent range of quality IT services and products," said Chris Chen, CEO of Worksoft. "We are very pleased by the support of Sequoia Capital. We are seeing strong growth and look forward to working with Sequoia Capital to bring our company to its next level of development."

Global marketing intelligence firm IDC estimates that China's software outsourcing exports reached US$600 million in 2004 and forecasts its growth to increase to US$4.7 billion by 2009.

Tags: Business | capital | CEO | China | DCM | development | Doll Capital Management | expansion | Exports | financing | General Electric | Hewlett-Packard | ibm | IDC | investment | IT | LED | Legend | Legend Capital | Microsoft | Oracle | outsourcing | Software | technology | venture capital

Other Related News:

China-linked APT groups target telecom companies in Southeast AsiaSecurity Affairs

August 4, 2021

Tesla Q2 deliveries fall with temporary closure of China factory

July 4, 2022

China's Youth Ambassadors Use Internet To Raise HIV Awareness

March 7, 2008

Envoy welcomes TSMC to invest in Germany

September 28, 2021

Nvidia Shield Shutting Down Nintendo Wii Game Downloads In China

August 2, 2021

EXPLAINER-North Korea is developing ICBMs. What are they?

November 18, 2022

BMW Opens $2.2 Billion EV Plant In China As It Ramps Up Challenge To Tesla, Domestic Players WorldNewsEra

June 24, 2022

Economic Watch: Digital technologies help Chinese manufacturers brave economic headwinds

April 10, 2022

AFG Fiduciary Services Limited Partnership Takes Position in KraneShares CSI China Internet ETF (NYSEARCA:KWEB)

May 23, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter