Vision Knight Capital invests in Silver Lake-backed Allyes
Allyes Group, a Chinese online media service provider, has received a strategic investment from Vision Knight Capital, the private equity firm set up by former Alibaba CEO David Wei. It is the largest single investment by Vision Knight since its inception last year.
The deal follows Wei's appointment to the Allyes board last December as an independent director, according to an official statement.
Founded in 1998, Allyes claims to be the largest Chinese online advertisement platform offering interactive marketing solutions. Its existing investors include tech specialist Silver Lake, which acquired a majority stake in the company in 2010. The company is headquartered in Shanghai and has offices in Beijing, Shenzhen, Guangzhou and Nanjing, as well as in the US.
Commenting on the transaction, Wei said: "Allyes has a strong offering in integrated internet marketing services, and has become the largest provider of internet marketing services in China, with customer quality and quantity, volume of sales, profitability and cash flow that are far ahead of its competitors."
The investment will be used for research and development and to supplement Allyes' cash balance. Eric Chen, the firm's chairman and CEO, added that Vision Knight would expand the company's strategic horizon.
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