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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),[link widoczny dla zalogowanych], 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,[link widoczny dla zalogowanych], 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.
"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,[link widoczny dla zalogowanych], 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,[link widoczny dla zalogowanych], 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,[link widoczny dla zalogowanych]," 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."