Seaf Blue Waters Growth Fund Announces Investment in Vietnam Software Company

On May 22, SEAF Blue Waters Growth Fund SEAF BWGF (managed by Small Enterprise Assistance Funds (SEAF) announced today a new investment in a growth-oriented software development firm in Vietnam. VietSoftware International (VSII) received mezzanine financing from SEAF BWGF to support the company’s planned increase in programmers to 800 by 2011 to meet growing demand for its services from both current and potential customers. In addition to the investment capital, SEAF will provide VSII with technical assistance to improve the company’s strategy development, corporate governance, operational management, and business networking. The investment comes at a crucial point for the company and will help it expand significantly in a sector that is showing continued demand despite the current global economic downturn.

VietSoftware International is a subsidiary of VietSoftware Incorporated, one of the leading technology service companies based in Vietnam. SEAF BWGF’s mezzanine investment in the development firm delivers a mutually beneficial solution by providing VSII with access to long term financing without diluting its shareholders, while still allowing the investor to participate in the growth of the company.

SEAF BWGF’s Managing Director, Keirn O’Connor, praised the software development firm, stating, “VietSoftware International is a leading company in an industry in Vietnam with strong growth potential. The company has a track record of success and a number of long-term, satisfied, world-class international customers. Management is top-rate and SEAF is confident that its investment and support will help it to further realize its significant potential.”

Dr. Son Tran, Chairman of VietSoftware International, said, “During the period of its fast growth, VSII has been approached by a number of investment funds. We eventually found SEAF Blue Waters Growth Fund to be the best fit for our company. The mezzanine financing that SEAF provided us is not yet common in Vietnam, but it is very attractive to growing companies. I am confident that this investment will be a strong demonstration of a win-win investment for both the investor and the company. On our part, this funding will help us realize our ambition to become a world class software outsourcing company.”