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Kingsoft Takes Stake In Chinese Internet Technology Software Developer
December 19, 2008 |
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Chinese software maker Kingsoft says it will acquire approximately 30.03% interest in aggregate in the share capital of Sky Profit.
Kau Pak Kwan, chairman and CEO of Kingsoft, stated, "The acquisition and the strategic partnership shall further enhance the market position of Kingsoft with the ability to leverage on the client base and certain existing software products of the other parties, which shall offer an opportunity for growth by sourcing additional customers and end users through software and technical system integration and mutual promotion and expansion. Kingsoft believes the acquisition shall provide business opportunities to diversify the investment portfolio of Kingsoft and help enhance the revenue potential as a whole."
Sky Profit is a holding company that has full control in its Chinese subsidiary companies developing computer and online game software products. The value of the transaction is USD8 million.
As part of the deal, Kingsoft shall also form a strategic partnership with Sky Profit as well as its wholly owned subsidiary companies and controlling entities.
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