Alibaba Acquisitions Browser Developer UCWeb, Boast Highest Tech Purchase.
China’s giant e-commerce company Alibaba is at it against with another grand deal recently taken place, with its most recent acquisition taking over the entirety of UCWeb.
At the current moment, the terms behind this have yet to be disclosed, Although, the two firms have named this to be the “biggest deal in Chinese internet history.” Internal letters have manage to reveal that the deal values UCWeb at far more than the $1.9 billion that Baidu had paid for 91 Wireless, which is China’s largest internet acquisition as of date.
Before these actions, Alibaba already owned over 66 percent of UCWeb. The e-commerce firm will purchase any of the remaining shares of UCWeb in the form of its own stock and cash.
UCWeb shall be completely integrated into Alibaba one the deal is complete, with the e-commerce firm form the UCWeb mobile business group and UCWeb very own CEO Yu Yongfu becoming a part of the chairman group. It shall oversee operations of the browser, mobile search, location-based services, mobile gaming, app store and mobile reader services.
This has painted up quite the picture, showing that Alibaba is searching to gain a much grander hold of mobile internet user with UCWeb’s large userbase, the browser-maker has recently manage to gain 500 million quarterly users. It’s one of the strongest within China, where it boast of having a dominant market share of over 65 percent.
Besides that, UCWeb is also marching its way into India, where it boast a 32 percent market share. It also stated that it has a strong growth within Russia, Vietnam, Indonesia, and quite interestingly enough the U.S. The company is also boasting that its application contains at least a 10 percent market share in over 10 countries globally.
Alibaba has previously invested into UCWeb and as of recently gathered its collective minds with Shenma, a joint venture to offer a mobile-centric searching experience to users. UCWeb stated its browser then to gain over more then six billion mobile search queries per month, so Shenma is an attempt for Alibaba to reach out to users, and in terms of e-commerce, direct them towards their marketplace including others such as Taobao and Tmall.
Including their semantic application search, Shenma is “deeply integrated’ with a large amount of Alibaba products, these would include its Alipay payments service, and Taobao and Tmall Retail stores.