WellFound Technology, an information technology services firm in Atlanta, has made an investment in Raleigh-based startup International IT Services.
The amount of the investment was not disclosed.
IITS will serve as the offshore development center for internal projects at WellFound as projects for its customers.
WellFound also will act as a reseller of IITS offerings and become a customer of the firm.
“I spent eight months investigating the technology landscape in Vietnam and found a tremendously talented pool of high quality, low-cost resources, making it an ideal location for our offshore development center,” said Paul Gain, chief executive officer of WellFound. “IITS not only provides our clients with high quality at a significant cost savings, but offers specialized knowledge, a solid project management approach, and a true partnering mentality.”
IITS was founded by Michael Le, a native of Vietnam. The company maintains its headquarters in Raleigh and has a development team in Vietnam.
WellFound customers include Cendant, Lockheed Martin, Boeing and General Electric as well as other Fortune 500 companies, according to a statement released by IITS.
“This partnership strengthens IITS’ implementation capabilities, allowing us to offer a wider range of services, increase our reach into new markets such as the financial market where WellFound is well established, and continue to deliver onshore quality at offshore value,” Le said.