Monday, iSoftStone Holdings Ltd.,a provider of IT and Business Process Outsourcing Services to clients in China and globally, said it has closed a round of financing led by Everbright Private Equity, the private equity arm of China Everbright Limited, a 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, 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. 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," said TW Liu, Chairman and Chief Executive Officer of iSoftStone.
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