China Broadband Capital led a Series C round for Shanghai-based CDP Group Ltd., a provider of “human capital management” services. The size of the round was not disclosed. CDP previously raised about $10 million in a 2006 Series B round. Investor Growth Capital Asia, a wholly owned subsidiary of Investor AB, contributed to that round, as did Fidelity Growth Partners Asia and Sumitomo Corporation Equity Asia. Investor AB and CSV Capital Partners are also participating in the C Round of funding.
CDP Group Ltd.( http://www.cdpgroupltd.com )(www.CDPgroupLtd.com), the leading One-Stop Human Capital Management Services Provider in Greater China and Asia, today announced the closing of its Series-C round of funding led by China Broadband Capital (CBC), which is the top private equity investment firm in China. The Series C funding allows CDP Group to enhance its management team, sales force and operation capacity; extend the range of services and R&D capability on its industry-leading products and services; and to build the China’s largest and most advanced internet based cloud computing platform for its renowned “One-Stop HCM Services”.
Prior to this, CDP had completed its B Round of Funding about US$10 million in 2006. The B round was led by three world-class investment institutions — Investor Growth Capital Asia Limited (IGCA) — a wholly owned subsidiary of Investor AB, Fidelity Growth Partners Asia and Sumitomo Corporation Equity Asia Limited.
The existing shareholders including Investor AB and CSV Capital Partners are also participating in the C Round of funding. They all showed great confidence in CDP’s innovative capacity and strong growth potentials.
In recent years, CDP has achieved series of impressive milestones on Human Capital Management Services in Greater China and Asia Pacific region. CDP not only introduced the advanced concepts of HR BPO into China HR service industry, but also strived to promote and practice SaaS/Cloud based HR BPO in real cases. CDP is already the leader of China HR service industry for leading a significant revolution on Human Capital Management Services. Since 2011 CDP had pioneered the concept of cloud computing on its award-winning “One-Stop HRO Services”, which have been well received by a lot of large size, high-end customers. CDP has also established industry records on customer retention ratio and satisfaction level.
Industry experts point out that there are still relatively fewer matured services delivered over the cloud today. The top three viable cloud-based applications are e-commerce, IT and HR. The emergence of some of the applications delivered over the cloud really subverted the existing service delivery model. For as long as clients connect to the net, they can enjoy the services. CDP is the first One-Stop HR Outsourcing services provider to launch services delivered over the cloud. Up till today, CDP is the first and the only provider in the HR Services Industry that has established a comprehensive cloud based platform and accumulated a number of real successful cases across Greater China and Asia, which greatly differentiates itself from the rest of the crowd.
“We are always aiming at Internet, media, telecom and high-tech enterprises, and ‘cloud computing’ is one of our major investment focuses. 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,” said Mr. “Edward” ShuNing Tian, Chairman of CBC. “We are very optimistic about the development of CDP’s HR Cloud Services, and will help CDP to become one of the best world-class HR cloud service providers.”
“Services delivered over the cloud are not illusory story, but rather a reality exists around us and brings us comprehensive benefit with greatest growth potentials in the future. Especially in HR Services industry, we see opportunities to simplify the technology infrastructure and enhance the transaction efficiency dramatically and reaching cost reduction of about 30+ percent across through our cloud-based platform as versus the normal practice of manual processing currently adopted by the rest of the industry,” said Mr. Wayne W. Wang, Founder, Chairman and CEO of CDP Group Ltd. “The successful closing of the Series C funding is very significant achievement for CDP, which will help our company enter into a new stage of fast growth. Through our closer cooperation with CBC, we expect to leverage their strategic resources and gain valuable management experience. CDP is aiming to be the world-class player in the Cloud HR Services and the most successful HR BPO provider in the Asia-pacific region, and to achieve our goal of IPO in the near future.”
About CDP Group
CDP is the leading one-stop Human Capital Management Services provider in Asia and Greater China. CDP provides a full set of comprehensive HR Managed Services of Payroll Outsourcing, Benefit Outsourcing, HR On-demand, HR Shared Services, Performance On-demand, Recruitment Services, Expatriate Services and other Value-added Services. Our Services empower companies to manage and optimize their Human Capital management capacity and services capability through our “3P” — PEOPLE, PROCESS and PLATFORM model. At the end of 2011, CDP have more than 450,000 employees across 35 industries under management. Currently, our services can cover 180+ cities across China and the major hubs of Asia Pacific.
About China Broadband Capital
China Broadband Capital (CBC) is a China-based private equity firm with focus on media and communications investment. Since its foundation in 2006, CBC has won the reputation as one of the most influential investors in telecom, Internet, broadband, media and technology sectors in China. CBC has an exceptional investment team with complementary backgrounds and experiences consisting of industry leaders and executives, private equity professionals and entrepreneurs.