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.