Hong Kong, 28th September: Hong Kong-listed Alibaba.com has agreed to acquire HiChina Web Solutions for a total of US$79 million. According to Alibaba.com, HiChina is a provider of Internet infrastructure services in China including domain name services, web and hosting services as well as email hosting and website design services.
In addition to HiChina’s value-added applications and automated website technology, Alibaba.com will also obtain access to HiChina’s client base of over 200,000 companies of which there is little overlap with Alibaba.com’s registered user base. The company employs more than 550 employees and it will retain its own brand after the acquisition. Initially, Alibaba.com will acquire 85% of HiChina for close to US$64 million. The remaining stake in HiChina will be acquired over the next 3 years if certain performance targets are met.
Source: Alibaba.com press release