Achievo Secures $24 Million in Series B Funding

Achievo Secures $24 Million in Series B Funding

February 27, 2007

    San Ramon, Calif., Feb. 27 /Xinhua-PRNewswire/ --
Achievo(R) Corporation, the leading global software and
information technology outsourcing provider with a local
front-end and China back-end service model, today announced
it has successfully raised $24 million in a Series B
financing with institutional and private investors. 

    (Logo: http://www.xprn.com.cn/xprn/sa/200611291032.jpg
)

    "We are on an aggressive track to establish
Achievo as one of the largest and best software and IT
outsourcing companies in the world," said Dr. Robert
P. Lee, Achievo's chairman and CEO.  "In five years we
have grown the company organically and through mergers and
acquisitions to deliver world class services and support to
clients in many industries including financial services,
automotive, telecom and technology.  Today, Achievo is a
global company with offices and delivery capabilities in 14
cities throughout the world," added Dr. Lee. 
"Clients have enthusiastically embraced the Achievo
local front-end, China back-end model we pioneered, and
that's evident in the percentage of our clients' repeat
business." 
 
    Last week, Achievo was recognized by the International
Association of Outsourcing Providers as one of the top
global outsourcing companies in 2007. In addition, Achievo
received an overall ranking of No. 2 earlier this month on
the annual Top Ten Offshore Outsourcing Vendors (China)
list as compiled by Brown-Wilson Group.  

    "From inception, Achievo has generated significant
working capital to fund its growth," said Julio Leung,
Achievo's chief financial officer.  "As a result, our
capital needs have been modest which, has been well
received by our shareholders.  The Series B round of $24
million is more than adequate to cover current obligations
and future operating needs.  If we decide to pursue
additional funding in the future, it will be related to
major acquisitions and strategic corporate development
initiatives."   

    About Achievo 
    Achievo is a global offshore software and information
technology outsourcing provider with a local front-end and
China back-end service model. With expertise in diverse
technologies including Java/J2EE, .NET and embedded
platforms, the CMM- and ISO- certified company offers
improved efficiencies, scale, diversification, and a
combined talent pool to deliver cost-effective,
quality-centric, and scalable IT outsourcing services to
customers and partners worldwide.  Customers include
Accela, Audi, BMO Bank of Montreal, Computer Associates,
China Mobile, DaimlerChrysler, Hitachi, Honda, Mitsubishi,
NETGEAR, Nomura, Siemens, Toyota and Vidient. 
Headquartered in the Silicon Valley, Achievo has offices in
the United States, Canada, Germany, Greater China and Japan.
For information on the company and its services, visit
http://www.achievo.com . 

    (C) 2007 Achievo Corporation. All rights reserved.
Achievo is a registered trademark of Achievo Corporation in
the United States and in other countries. All other
trademarks are the property of their respective owners.


    For more information, please contact: 
    
     Jayme Curtis
     Public Relations
     Achievo Corporation
     Tel:   [phone]
     Email: [e-mail]


SOURCE  Achievo Corporation