- Strong 6.9 magnitude earthquake hits Tibet near India-China border
- Navy Says Genitalia Air Display 'Absolutely Unacceptable'
- Moody's Withdraws RCom's Corporate Family Rating On 'Default'
- Sushil Kumar strolls to national gold with three walkovers
- Madras High Court confirms two-year jail term of Natarajan in 1994 car import case
Alibaba acquires Chinese adtech firm AdChina
MUMBAI: Chinese e-commerce giant Alibaba Holdings has acquired a controlling stake in AdChina, a Chinese integrated internet advertising platform.
Financial terms of the deal were not disclosed.
The deal is the first Alibaba has disclosed this year, after spending over $6.2 billion on acquisitions in 2014. The AdChina investment is aimed at improving Alibaba’s online and mobile advertising efforts through Alimama, the group’s advertising arm.
AdChina will also work with Aliyun, Alibaba’s cloud computing business.
In a statement, Alibaba said, “Alibaba’s strategic stake is expected to allow AdChina to enhance its competitive strengths in its existing businesses.”
Founded in 2007, AdChina is a Shanghai-based ad firm and claims to be China’s largest multi-screen integrated advertising platform. It filed with SEC for an IPO on NASDAQ in 2012 but later withdrew the application.
In 2010, investors led by Norwest Venture Partners backed AdChina with $40 million. News Corp, publisher of Dow Jones Newswires and The Wall Street Journal, was one of the investors.