Chinese e-commerce retailer Jingdong to acquire advertising agency MediaV for $700 million

One of Chinas biggest online retailers, Jingdong, will acquire internet Shanghai-based advertising technology and service provider MediaV for $700 million, according to Techweb. The report comes from “insiders” and has not been confirmed by the companies.

Techweb says, of China’s top 50 e-commerce sites, 80 percent are MediaV customers including Jingdong.

The four-year-old MediaV started out with an ad network, then evolved to create a demand side platform. It employs 500 people and has branches spread across seven major cities in China.

Since it was launched, MediaV received three rounds of funding from US-based Lightspeed Venture Partners, GGV Capital, and George Soros’ Quantum Fund, totaling about $66 million.

While outshone by Alibaba’s Tmall and Taobao during last week’s Single’s Day shopping fest, Jingdong still saw great numbers and raked in $1.6 billion in revenue.

(Source: Techweb)

(Editing by Terence Lee)