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Mark O'Neill

A company selling software and Chinese-language dating and auction services on the Internet, pAsia, has secured a cash injection from three strategic investors that increases its capital fourfold, it announced yesterday.

 Goldman Sachs, Citibank Group and Shanghai New Margin are investing US$17.2 million in pAsia, taking its capital to US$22 million.

 The money will be used to develop the Greater China market, increase the company's operational outlets and invest in development of new technologies.

  Founded in 1995 with headquarters in California, pAsia has three main product areas.

 One is network software, including Inforian Quest98, 8dCall Netphone and Web-site management systems.

 The second is a Chinese-language on-line auction site, Coolbid.com. The third is community services, including LoveTown dating and personalised Web sites.

 It said it had 1.6 million members for its instant messenger service and monthly revenues of NT$15 million (about HK$3.78 million) and 1.5 million yuan (about HK$1.39 million) for its auction service, with 190,000 members.

 It posted revenue last year of US$3 million, with a slight net loss, and expects significant growth in revenue this year, executive vice-president Heidi Hsueh said.

 She said the company had a wide base of shareholders, which include Intel, venture capital firms from Taiwan and Singapore and the company's employees, as well as the three new investors.

  Asked about a stock listing, pAsia chief executive Lawrence Ho said he had no detailed plan.

INTERNET 



New investors back pAsia site