Indian industrious's Ad Tech Startup Acquired by Chinese Investors

Tech industrious Divyank Turakhia who has founded the Ad tech startup Media .net had received  about $900 million by a team of Chinese investors, he said on Monday. The deal would represent the third-largest in the ad technology industry, after Alphabet unit Google ' s acquisition of Double Click and Microsoft ' s deal for a Quantive. "We got the best amount of interest just because advertise technology is a enhancing space and, at the same time, the number of companies that have been successful in it have been limited,” said Turakhia. The company ' s products, which are licensed through several publishers including ad networks, auto-learn and display the most relevant ads to users. Media.net, a Yahoo ad partner, attracted seven bidders, including a publicly listed company based in the United States. Although, the bid fell through following a substantial deficiencies in the company ' s stock value, Turakhia said. The deal provides Media.net access to the Chinese online advertising market, which is currently the second largest in the world, Turakhia said. According to emarketer report,Digital ad spend in China is expected to reach $40.42 billion in 2016, a 30 percent jump from a year earlier. Media.net, which is based in Dubai and New York, gets 90 percent of its revenue from the United States. The company posted revenue of $232 million in 2015, with more than half of that coming from mobile users. The Chinese consortium will buy Media.net from Turakhia ' s Starbuster TMT Investments and has already made a payment of $426 million. The group is led by Zhang Zhiyong, the chairman of telecom firm Beijing Miteno Communication Technology Co.