Sohu’s Changyou invested in VC-backed MoboTap for $91m
Changyou.com, an online gaming division of Chinese internet company Sohu, has agreed to acquire a 51% stake in MoboTap, a mobile browser developer backed by several VC investors, for $91 million.
As part of the deal, Changyou will invest an additional $30 million in MoboTap by purchasing a zero-coupon convertible bond due in five years, according to a regulatory filing. If fully converted, Changyou's stake in MoboTap will rise to 60%.
The transaction is expected to close in August this year, subject to regulatory approval.
MoboTap is the developer of Dolphin Browser, which is used to create web pages through faster and simpler gestures than traditional handset browser. The company claims Dolphin Browser has more than 100 million users globally, with the majority based in the US and Europe.
Sequoia Capital and Matrix Partners invested $10 million in Series A funding for MoboTap in 2011. Qualcomm Ventures provided capital for the company in 2012, AVCJ Research's records show.
Changyou was carved out from Sohu.com in 2007 and went public in the US two years later.
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