As per the official statement released by Media.net’s co-founder, Divyank Turakhia, the advertising technology startup has been acquired by a group of Chinese investors for a whooping USD 900 million.
Media.net, developed by tech entrepreneurs Divyank Turakhia and Bhavin Turakhia, provides global advertising technology services to its clients and claims to develop innovative products for both publishers and advertisers. According to its website, it is one of the top 5 ad tech companies worldwide by market capitalisation and the second largest contextual advertising business worldwide in terms of revenue.
Media.net develops provides advertising services to both advertisers as well as publishers that includes creating, targeting and evaluating advertising campaigns, and connecting publishers through their Yahoo-Bing network.
Reportedly, the deal would only come third in the series of ad tech acquisitions, the top two being Microsoft Corp’s deal for aQuantive (approx. USD 6 billion) and Google’s acquisition of DoubleClick (USD 3.1 billion).
The all-cash deal has seen the Chinese investors including Beijing Miteno Communication technology Chairman Zhiyong Zhang shelling out USD 426 million with the remaining USD 474 million to be invested according to a definite payment agreement.
According to company’s founder, the deal has gathered a lot of interest due to the enormous growth opportunities presented by the ad tech industry and the limited success of a small number of companies.
According to Divyank Turakhia, company’s co-founder, China provides a great opportunity, being the second-largest ad-tech market in the world. “We’ve got access to building an incredible team with our partner there, and leverage it with our expertise in ad-tech, and their expertise of the local markets”, he told an online daily.