Qihoo 360 buys VC-backed MediaV

Financial terms were not disclosed but the investment amount is said to be more than $100 million. VC backers Lightspeed China Partners, GGV Capital and Soros Fund Management have partially exited their shareholdings to Qihoo, The Wall Street Journal reported. Lightpeed's interest has fallen from 33% to about 10%.

Founded in 2009, MediaV provides cloud-based big data analysis services that enable customers to deliver advertising to targeted audiences.

"Combining Qihoo 360's massive user base and traffic in PC and mobile internet, with MediaV's industry leading digital advertising platform and cutting edge precision advertising technology, we believe we can build a stronger and more efficient online advertising eco-system and significantly enhance monetization of our platform products," Hongyi Zhou, chairman and CEO of Qihoo 360, said in a statement.

AVCJ Research's records show MediaV raised three rounds of financing from venture investors. In 2009, Lightspeed put in $3 million, with GGV joining in the second round the following year. In 2011, the firm secured a $50 million Series C round from Soros, and the two existing investors.

Listed in the US, Qihoo claims to be the biggest provider of internet and mobile security products in China. It also offers users secure internet access via its web browsers and app stores.

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• Topics
• Greater China
• Technology
• Exits
• China
• TMT
• Technology
• Lightspeed Venture Partners
• GGV Capital
• Exit
• M&A
• Trade sale