Ad-tech start-up Media.net has been acquired by a Chinese group for $900m in what the company has dubbed the third largest acquisition in the sector.
The group, led by Zhang Zhiyong, Beijing Miteno Communication Technology chairman, will look to expand the ad-tech firm beyond the US, where it makes 90 per cent of its revenue, into the lucrative Chinese market. The company will be integrated with the telecom group.
Media.net, a partner of Yahoo, powers contextual ads provided by it and Bing search. Led by entrepreneur Divyank Turakhia, the company reportedly attracted seven bids in the final rounds of negotiation.
Bidder group Miteno’s shares have been halted since December 2015 however the company has already put down $426m of the fee in cash.
"Our team has spent the last several years putting together one of the most comprehensive platforms for ad tech, and we are just getting started,” said Div Turakhia, Media.net founder and chief.
“The acquisition will enable Media.net to be an even greater platform for innovation and investment on a global scale. Together, we can accelerate the company's growth and deploy new products and services that will add value for our customers. Media.net’s leadership team and employees are excited to enter into this new phase of growth.”
2016 has seen some big moves, the first quarter of the year was the joint-third highest period for ad tech/martech activity with $2.4bn exchanging hands during the period across 108 deals.