VC-backed Cheetah Mobile re-ups in China's Moxiu Technology

The transaction will make Cheetah a majority shareholder in the business with a 50.5% stake, according to a statement.

Moxiu was set up in 2008 and develops user-generated mobile content services. It is understood to have received $4.5 million in a Series A round of funding n February.

Cheetah was created in 2009 as part of a restructuring of Kingsoft Corporation, which saw its three major subsidiaries - covering enterprise software, security software and gaming - spin out. Tencent and Matrix invested in the company in 2011 through a purchase of Series A shares, paying $17.3 million and $1.3 million, respectively.

Tencent then committed $46.9 million in 2013 before the company the floated on the New York Stock Exchange, raising $168 million. Tencent and Matrix currently own 17.8% and 6.2% of the company.

Cheetah backed Moxiu with a view to expanding its mobile promotional channels and product lines. The two firms will jointly develop, cross-promote and integrate their respective products and services. 

This is Cheetah's second acquisition since going public. In June it bought mobile advertising firm HongKong Zoom Interactive in a deal worth around $30 million.

 

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• Topics
• Early-stage
• Technology
• Greater China
• Technology
• China
• Tencent
• Matrix Partners
• Venture