Tencent, China’s No.1 online game operator and its largest instant messaging provider, had bought Comsenz, a Beijing-based social-networking provider, Comsenz said in a statement on its website. Comsenz is backed by Google Inc, Sequoia Capital and Morningside Ventures.
Tencent, which bought a 10 percent stake in Russian Facebook investor Digital Sky Technologies (DST) for $300 million earlier this year, could be on the look out for more acquisitions as it seeks to expand its dominance beyond China.
China’s Internet space is becoming more cut-throat as users become more sophisticated and selective over which products and services they use and companies jostle for attention in an increasingly crowded arena.
Source : Konaxis