CBC leads Series C round for Chinese HR service provider

Existing shareholders including Investor AB and CSV Capital Partners  also participated in the round. The funds will be used to enhance CDP's management team, sales force, operations capacity and R&D capability, as well as building its internet-based cloud computing platform.

CDP provides a full set of HR services including payroll outsourcing, benefit outsourcing, HR on-demand, recruitment services and expatriate services. At the end of 2011, the company had over 450,000 employees across 35 industries under management and covered more than 180 cities in China and Asia.

"CDP has integrated the internet, cloud-based platform and traditional HR services together, and emerge as the real HR cloud services Leader in China and Asia, which is the one of the most important factors for us to select CDP," ShuNing Tian, chairman of CBC, said in a statement.

Wayne Wang, founder and chairman of CDP, added that the firm will explore opportunities to simplify the technology infrastructure used in HR services as a means of cutting costs. He expects to leverage CBC's strategic resources and management experience, with view to becoming a world-class player and, ultimately, launch an IPO.

In 2006, CDP raised about $10 million in Series B funding. The round was led by three investors, including Investor Growth Capital Asia Limited (IGCA), a wholly owned subsidiary of Investor AB, Fidelity Growth Partners Asia and Sumitomo Corporation Equity Asia.

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• Topics
• Greater China
• Investments
• Growth capital
• China
• TMT
• China Broadband Capital