Internet security software provider Qihoo 360 has formally acquired Rizhibao, a SaaS-based online web log analysis platform in China.

Zhao Wu, director for Qihoo 360's website security testing department, said on a microblog that the company acquired Rizhibao's team in 2012 and they have gathered several entrepreneurial forces since the founding of the department.

Dong Fang, founder and chief executive officer of Rizhibao, also confirmed the news and said the acquisition is based on business and resource integration. He revealed the acquisition will be realized by stock and cash. On the completion of the acquisition, Rizhibao will maintain independent product operation; however, its team will be merged with Qihoo 360.

Official files show that Rizhibao is a SaaS-based online web log analysis platform and it focuses on web access log analysis, security audits, and vulnerability scanning services. So far, it can support NCSA and W3C log formats. It was launched on May 7, 2012, and entered internal beta testing in July. In September 2012, the company started providing an enterprise version, which was officially released in November.

Qihoo 360 aims to enhance its team construction in the enterprise security sector. The company's financial report stated that in the third quarter of 2012, Qihoo 360 had 442 million monthly active users and its product penetration reached 95%. By December 2012, the company's enterprise version product reached 420,000 users, covering over ten million terminals.