Advertising technology startup, Media.net has been acquired by a consortium of investors led by Zhang Zhiyong, chairman of Bejing Miteno Communication Technology, according to a report in Economic Times. Bejing Miteno Communication is a technology, media and telecom company. The company has been acquired for about $900 million in cash by a group of Chinese investors.
Miteno will now work towards expanding Media.net’s presence in China, on the patterns of the company’s successful run in the United States, according to Zhang Zhiyong, Chairman, and Bejing Miteno Communication.
Media.net is a company is based in Dubai and New York. Founded by Mumbai-born serial entrepreneurs Divyank and Bhavin Turakhia, it develops products for advertisers and publishers, providing them with a range of services, including creating, targeting and evaluating advertising campaigns, as well as connecting publishers through their Yahoo-Bing network.
The Chinese consortium has already paid $426 million, with the rest to be followed, according to information given by the company.
Media.net will eventually become a subsidiary of Beijing Miteno Communication Technology after the latter obtains the ad-tech company from the consortium. According to Divyank Turakhia, the consortium has already filed for necessary approvals with the Chinese regulators and the process is likely to be completed by the end of the year.