Hisoft, a Chinese top software outsourcing service provider, announced its completion of financings of up to USD 30 million from Granite Global Ventures-led investors including Intel Capital, JAFCO, IFC, Draper Fisher Jurvetson, Mitsubishi UFJ Financial Group, and Sumitomo. Hisoft said the financed money will be used to expanse its business and enhance its payment capability.

In 2004, Hisoft was financed USD 20 million.

According to CCID, a Chinese research firm, China’s software outsourcing market hit USD 929 million in 2005, up 45% over 2004. CCID also projects that the Chinese software outsourcing market will total USD 7 billion in 2010 with a compound annual growth rate of 50%.

Sources: Hisoft, China Tech Community (www.cabi.net.cn)