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Achievo Corporation's Aggressive Acquisition Strategy Fuels Growth in China
Achievo Corporation is a privately held information technology services company with headquarters in San Ramon, California U.S.A. and with significant operations in China. Achievo exemplifies a rapidly growing trend toward outsourcing software development and IT services to China.
Achievo was founded in 2002 with six employees. In May 2005 the company embarked on an acquisition spree, which has helped the company grow significantly. The company has acquired nine technology companies worldwide, growing its headcount to 1600 and 13 locations. With 450 employees, the August 2006 acquisition of Beijing Beifang Xinyu Information Technology Co., Ltd. (BBX) positioned Achievo as one of the biggest independent overseas offshore software outsourcing businesses in China.
Achievo was founded with private equity from Dr. Robert P. Lee (Achievo chairman and CEO) and Sandy Chau (Achievo board member). In February 2007, Achievo announced it had secured $24 million in Series B financing with institutional and private investors.
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 on the annual Top Ten Offshore Outsourcing Vendors (China) list as compiled by Brown-Wilson Group.
[edit] Sources
Business Week: http://www.businessweek.com/globalbiz/blog/bangaloretigers/archives/2007/02/a_new_business.html A New Global IT Player to Reckon With
Computer Business Review: http://www.cbronline.com/article_news.asp?guid=09FEFAAB-D972-4E38-BBED-71949C0AC977 Achievo on a spending spree
IT World: http://www.itworld.com/Man/2701/060717achievo/ Outsourcing provider Achievo makes German acquisition
Datamonitor/Computerwire: http://www.computerwire.com/industries/research/?pid=6E10736C-2FB3-45FF-AD6A-46B550C717FF Achievo CEO Targets Bigger Acquisitions
Computer Business Review: http://www.cbronline.com/article_cbr.asp?guid=ED23811B-B0B2-465B-BD99-78AD9C0A889E Chinese outsourcing on the rise
SmartBusiness: http://www.achievo.com/news/media/SmartBusiness_April07.pdf How Achievo Corp.’s Robert Lee has mastered the art of the acquisition – including nine in the last two years
Computerworld: http://www.computerworld.com/blogs/node/4189 Achievo's approach to finding talent in China
Computerworld: http://www.computerworld.com/blogs/node/4176 A new approach to recruiting developers in China
Computerworld: http://computerworld.com.my/ShowPage.aspx?pagetype=2&articleid=4735&pubid=4&issueid=11 CA turns to outsourcing company for support in China
