Outsourcing provider Achievo raises $24m

Outsourcing services provider Achievo has secured an injection of $24m from investors to cover its costs and meet future needs, the company announced.

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Outsourcing services provider Achievo has secured an injection of $24m from investors to cover its costs and meet future needs, the company announced.

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

Achievo has offices in Japan, Germany, Taiwan, Canada and the US 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 chief executive Robert Lee 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, Achievo's chief financial officer, in a statement announcing the latest round of investment in the company.

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