SOURCE: Achievo Corporation

October 04, 2005 08:00 ET

Achievo to Acquire AcornSoft, Inc. in China

Global Software Outsourcing Services Now Extended to and Augmented by Shanghai

DUBLIN, CA -- (MARKET WIRE) -- October 4, 2005 -- Achievo Corporation, a CMM certified global software and IT service outsourcing provider headquartered in the Silicon Valley with operations in Germany and China, is pleased to announce the completion of a definitive agreement to purchase the outsourcing business assets of AcornSoft Inc., a leading China-based engineering outsourcing firm located in Shanghai. The transaction represents a strategic step forward in enabling Achievo to further expand its Chinese service capabilities, infrastructure, and global customer base. It will add important solutions expertise to a unique global team dedicated to offering customers worldwide strong technical capabilities and high-quality delivery.

This transaction represents the continued execution of Achievo's strategy of acquisitions and expansion into key software development centers in China, such as Shanghai, particularly known as a vibrant hub for a cross section of the country's economical activities including the software and IT industry.

The new Achievo Shanghai Division will encompass the current AcornSoft outsourcing team, which becomes part of Achievo's multi-national network residing in Dublin, California, U.S.A., Beijing and Shenzhen, China, and Boeblingen and Freiburg, Germany. Together, this will provide an increasingly flexible high-quality onshore/offshore delivery model to serve the U.S., European, Japanese, and Chinese markets. The extended company sees exciting growth opportunities in a number of global power-house industries such as electronics, telecom, finance, retail, and networking equipment. Achievo is extremely enthusiastic about continuing to build upon the multi-faceted service relationships that AcornSoft has developed with customers including Agilent Technologies, Ellie Mae, NetIQ, 3UP Systems, VWeb, and UU Dynamics.

"The acquisition of AcornSoft is yet another strategic move by Achievo to better serve our customers worldwide. AcornSoft's technical expertise in embedded systems, localization, systems and network management will be complementary to Achievo's existing range of service offerings. I am very excited to have the AcornSoft team joining the Achievo family to further expand our market reach globally. With this new Shanghai development center, Achievo will provide clients with more choice of locations for assigned project execution," said Dr. Robert P. Lee, Chairman & CEO of Achievo.

AcornSoft specializes in providing in-depth domain know-how in a multitude of areas such as testing, localization, and development. In addition, it possesses outstanding expertise in embedded systems, video compression and streaming, and system and network management.

"We are thrilled to align with the impressive team in the Achievo family. Our two organizations share important operating cultures and strategic visions. With the distinguished global management team led by Dr. Robert P. Lee, we are absolutely excited to become part of a winning undertaking to unlock the vast opportunity in front of the global software and IT outsourcing industry," said T. Chester Wang, Acting CEO of AcornSoft.

About AcornSoft

AcornSoft (www.acornsoft.com) is an ISO 9001-certified company headquartered in U.S. with an R&D center based in Shanghai. The company's innovative recruiting, training and flexible staffing model enable it to effectively serve both large (including Fortune 1000) and small/midsize (including early stage startups) U.S.-based technology companies. AcornSoft's software and IT services span custom application development, embedded system development, systems and network management, software quality assurance, product localization, and China market support.

About Achievo

Achievo (www.achievo.com) is a CMM Certified software and IT outsourcing provider specializing in the analysis, development, quality assurance, testing, implementation, and maintenance of software projects. Achievo has significant expertise in diverse technologies such as Java/J2EE and the .NET framework. Achievo has helped companies and governments save costs immediately through its software development, quality assurance, and testing services which enable them to have their long-term mission-critical applications completed more efficiently. Achievo can mobilize the right resource and technologies globally to help clients shorten the path between their vision and reality. Achievo works as a strategic partner with customers worldwide to deliver cost-effective, quality-centric, and scaleable IT outsourcing services. Achievo's offices are located in the United States (headquarters), Germany and China. Customers and partners include IBM, HP, Sun Microsystems, Netgear, Cadence, Accela, China Academy of Sciences, Daimler Chrysler, Ellie Mae, ESRI, Fujitsu, Mercedes Benz, Siemens, United Way and other Fortune 100 companies. For more information, visit www.achievo.com, contact ehung@achievo.com, or call +1 925 828-5990 x102.