Outsourcing Provider Achievo Raises $24 Million

Outsourcing services provider Achievo Corp., which has much of its operations based in China, has raised US$24 million from private and institutional investors, the company announced Monday.

Achievo has grown rapidly in recent years through a string of acquisitions and will use the injection of funds "to cover current obligations and future operating needs," it said. Most of those acquisitions, done using a combination of company stock and cash, has been funded through the company's own revenue.

Based in California, Achievo has offices in Japan, Germany, Taiwan, Canada and the U.S. that serve as a front-end, working closely with clients. The company also has six offices in China, where most of the back-end programming work is done using .Net and Java.

Last August, Achievo's Chairman and CEO Robert Lee [CQ] said the company plans to expand further through acquisition, particularly in Europe and Australia. That could lead the company to raise additional funds from investors.

"If we decide to pursue additional funding in the future, it will be related to major acquisitions and strategic corporate development initiatives," said Julio Leung [CQ], Achievo's CFO, in a statement announcing the latest round of investment in the company.