Achievo raised $24 million from private and institutional investors, according to an InfoWorld report published February 27, 2007. The company said it would use the money to cover current obligations and future operating needs. The report did not identify the investors or disclose the company’s valuation or other financing terms.
What Achievo said the $24 million would fund
Achievo said the proceeds would cover its current obligations and future operating needs. InfoWorld situated the financing amid a period of acquisitions, many of which the company had funded from its own revenue. The report does not break down how much of the $24 million was allocated to obligations, operations, or any particular acquisition. InfoWorld’s February 27, 2007 report describes the announcement.
Who invested, and what were the terms?
The contemporaneous report characterized the backers as private and institutional investors but did not name them. It also gave no valuation, ownership, or dilution details. Those terms cannot be established from the announcement as reported.
How the funding fit Achievo’s business
At the time, InfoWorld described Achievo as a California-based outsourcing provider with offices in Japan, Germany, Taiwan, Canada, and the United States. The company also had six offices in China, where much of its back-end programming work was performed using .NET and Java. These details describe its reported footprint in 2007, not its present-day operations. InfoWorld’s account provides the operating context.
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What Achievo said about future fundraising and expansion
CFO Julio Leung said: “If we decide to pursue additional funding in the future, it will be related to major acquisitions and strategic corporate development initiatives,” according to the statement cited by InfoWorld. The report also said chairman and CEO Robert Lee had previously discussed further acquisition-led expansion, particularly in Europe and Australia. These were stated intentions at the time; the report does not establish that the planned expansion or any later fundraising occurred.
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