In one of the largest ad tech acquisitions in history, China’s Miteno Communication Technology has acquired Media.net for the reported sum of US$900m.
The deal will give Media.net, 90% of whose revenue comes from the US, the opportunity to expand into Asia, an ambition of the company’s founder and CEO Divyank Turakhia, according to Techcrunch.
Turakhia has also said he wants to expand video and mobile app capabilities, while the chairman of tech conglomerate Miteno, Zhiyong Zhang, has said that his firm will provide capital support to support Media.net’s expansion plans.
Media.net generates most of its revenue from Yahoo Bing Contextual Ads, connecting advertisers and publishers with its ad tech products.
The deal comes in the wake of China’s Mobvista buying mobile ad-tech startup NativeX in February for $24.5 million and soon after Spearhead Integrated Marketing Communication Group buying mobile ad firm Smaato for $148 million.