Chinasoft secures Microsoft backing

Software giant Microsoft Corp and International Finance Corp (IFC) are to invest a combined US$35 million over three years in Chinasoft International, the South China Morning Post reported. Chinasoft hopes that Microsoft's involvement will help it become a major outsourcing services provider, with outsourcing orders from the Microsoft alone expected to increase from US$1.2 million to US$5 million this year. As of the end of June, the company was 24.4% controlled by Far East Consortium International deputy chairman David Chiu Tat-cheong and Far East Technology managing director Dun Chiu Te-ken. State-backed China National Software and Services has a 20.2% stake.