We recently announced our
investment in Freeborders, a San Francisco, CA and Shenzhen, China-based
IT outsourcing services provider targeting the financial
services, retail, manufacturing and software industries.
FTVentures led a
$20 million round that included existing investors Internet
Capital Group and TAL Investments. The funding will help
Freeborders expand its state-of-the-art facilities in Shenzhen
as well as grow its sales and delivery team in the
U.S. and
U.K.
Freeborders
leverages a hybrid onshore-offshore delivery model with its
primary development operations based in China, an emerging
offshore IT services and outsourcing market. Freeborders'
delivery model combines the best of U.S. and European
domain expertise and the significant cost advantages of the
China IT outsourcing market. China offers access to a large
and rapidly growing supply of well educated, English
proficient labor with 30-50% lower costs than more established
offshore locations, such as India. Freeborders
has built a state-of-the-art technology center in Shenzhen,
and combines its robust infrastructure with rigorous
development process expertise and project management to
deliver a proven track record of technology outsourcing for
Fortune 1000 global companies, such as Citigroup, Target and
DuPont. Freeborders specializes in application development,
integration, migration, implementation, quality assurance and
Web services delivery.
For
more information on Freeborders or IT outsourcing in
China, please
contact:
Brad Bernstein,
FTVentures Partner,
212-682-4441
Chris Winship,
FTVentures
Principal, 415-229-3012
Peter Casella,
FTVentures
Associate, 212-682-5427
We are pleased to announce
that Ben Cukier has been promoted to Partner. Ben has been
with FTVentures
since April of 1999 and has been a major contributor to the
growth of our business services investment practice. Ben has
relocated from San Francisco to
our office in New
York City, where he will continue to
focus on business services investments.
Ben
currently serves on the boards of FTVentures portfolio companies
Cloudmark, a provider of email spam and fraud solutions;
Mavent, a mortgage loan compliance services company; Nexxar
Group, a cross border payments company; and PowerShares, a
provider of exchange traded funds. Other notable investments
include 724 Solutions (NASDAQ: SVNX), Corillian (NASDAQ:
CORI), eProfile (acquired by Sanchez Computer
Associates-NASDAQ: SCAI), and Synchrologic (acquired by
Intellisync; NASDAQ: SYNC).
New
contact information for Ben Cukier:
230
Park Avenue #3300
New York, NY 10169
212-682-4846
bcukier@ftventures.com
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New
York
230 Park
Avenue
Suite
3300
New York, NY 10169
Phone
212-682-4800
Fax 212-682-4480
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