Source : Business Wire
DCM-Doll Capital Management and Legend Capital Announce Series A Investment in China-based Worksoft; Top Software Development Provider is Premier Resource for IBM, Microsoft, and PeopleSoft in China
Menlo Park, Calif., United States, Beijing, China -- (Business Wire India) -- Wednesday, April 20, 2005 9:08:13 AM
DCM-Doll Capital Management and Legend Capital on Tuesday, 19th April, 2005 announced they co-led a Series A investment in Beijing-based software development services company, Worksoft Creative Software Technology, Ltd. In addition, DCM general partner Rob Theis and Chen Hao of Legend Capital were appointed to Worksoft's board of directors. The investment will be used to support the expansion of the company's business in both China and the U.S.
Among the top offshore developers in China, Worksoft provides software development, testing, globalization and BPO (business process outsourcing) services for corporations in the U.S., Europe and Japan. Primarily serving the high tech, telecom, and financial services sectors, WorkSoft employs nearly 800 people worldwide with offices in Beijing, Dalian, Shanghai, Wuhan, Shenzhen, the U.S., and Japan.
"China has become the next destination for global corporations to grow their software development capability," said DCM's Rob Theis. "With a decade-long experience in the software development business, Worksoft is well positioned to meet the demand and effectively manage the migration of software development centers to China."
IDC estimates that China's software outsourcing exports reached US$400m in 2003 and will touch US$2.5bn in 2008, or a CAGR of 44%.
"We invested in Worksoft because we saw an opportunity to back a seasoned management team which has proven their ability to execute on its vision to become one of the top software development facilities in China," said Legend Capital managing director Chen Hao. "We look forward to partnering with their team for their continued long term success."
Worksoft's roster of blue-chip customers includes IBM, Microsoft, PeopleSoft, Hewlett-Packard, General Electric, Oracle and Sony.
"We are seeing a strong sales pipeline from our recurring blue chip customers," said WorkSoft CEO Chris Chen. "This investment will help support our efforts to continue our aggressive growth plans over the next several years."
About Worksoft Creative Software Technology, Ltd.
Founded in 1995, Worksoft Creative Software Technology, Ltd. is one of the early pioneers and leading players in the software outsourcing industry in China. The company provides software development, testing, globalization and business process outsourcing (BPO) services for multinational corporations from the US, Europe and Japan. Worksoft has offices in Beijing, Dalian, Shanghai, Wuhan, Shenzhen, US, and Japan. With almost 800 employees worldwide, Worksoft applies flexible systematic delivery models to reduce client's risk and cost. For more information on the company visit http://www.worksoft.com.cn.
About DCM-Doll Capital Management
DCM is a top-performing venture capital firm supporting entrepreneurs building early stage technology companies. DCM manages over $1 billion and has funded leading technology companies including 2Wire, 51job (Nasdaq:JOBS), About.com (Primedia), Foundry Networks (Nasdaq:FDRY), HireRight, Internap (AMEX:IIP), IPivot (Intel), Kabu.com (TSE:8703), nQuire (Siebel), PGP Corporation, Recourse Technologies (Symantec), SMIC (NYSE:SMI), and Sigmatel (Nasdaq:SGTL). DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim's leading companies and investors. Visit DCM's Website at www.dcmvc.com.
About Legend Capital
Founded in April 2001, Legend Capital is an independent venture capital subsidiary of Legend Holdings Ltd. focused on driving high-growth IT investments in China and China-related companies at the start-up and expansion stages. Managing over US$100 million and with 30 investments across two funds under management, successful investments include Joyo.com (acquired by Amazon.com) and SinoCom Software Group Ltd. (HKEX:299). Legend Capital invests in companies in digital media and consumer electronic products/services, IC design/key components, Internet-related products/services, wireless SP and outsourcing, as well as non-IT industries. Legend Capital provides its portfolio companies extensive business resources to assist with business development, company image building, and other critical company building activities in the China market. Visit Legend Capital's website at http://www.legendcapital.com.cn/.
CONTACT:
The Blueshirt Group for DCM-Doll Capital Management
Jenny Spitz, 415-217-7722
jenny@blueshirtgroup.com
June Parina, 415-217-7722
june@blueshirtgroup.com
or
Legend Capital
Crystal Sui, 86-10-6250-9106
suimei@legendcapital.com.cn
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