Silver Lake-owned Allyes names new CEO
Silver Lake-owned Allyes, a Chinese digital marketing company, has appointed Hanhua Wang as CEO, effective December 1. He replaces Eric Chen, a managing director at Silver Lake, who had been serving as interim CEO. Chen remains chairman of the Allyes board.
Wang was previously president of Amazon China, having joined the company following its acquisition of domestic e-commerce site Joyo.com. During his approximately seven-year tenure sales increased more than 100-fold. Before Amazon, Wang was vice president for Asia Pacific at Motorola and general manager for the company's China Mobile business unit.
"Allyes is currently entering a new stage of development as the company continues to strive to become a leading provider of technology- and data-driven integrated digital marketing solutions in China," Chen said in a statement. "We look forward to having Dr. Wang lead Allyes into the future."
Silver Lake acquired its majority stake in Allyes from Focus Media in 2010, paying $124 million. The company received Series A and B funding from IDG Ventures and Oak Investment Partners before Focus Media completed a buyout in 2007.
Earlier this year, Vision Knight Capital, a private equity firm set up by former Alibaba CEO David Wei, invested in Allyes. Wei now sits on the company's board.
Allyes was founded in 1998 and provides an integrated digital marketing platform to more than 900 advertiser and media publisher customers. Silver Lake has guided the company through a series of transformational initiatives such as the announcement of its cloud strategy and setting up an R&D center and a project management department in Silicon Valley.
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