Chinese software provider Kingsoft Corporation Limited has revealed in its financial report for the second quarter of 2011 that it has completed the acquisition of MyDrivers, a Chinese software download service provider, for up to CNY18 million.
Kingsoft said that the acquisition was completed via Beike Internet Security Technology Company Ltd., a subsidiary of Kingsoft. The CNY18 million payment reportedly included a fixed payment of CNY12 million and an earnout payment CNY6 million, which will depend on the business performance of MyDrivers in the 24 months following the completion of the acquisition.
The assets sold to Kingsoft by MyDrivers include several websites like Drivergenius.com, Mydrivers.com, Drivers.com.cn, Myfiles.com.cn, and 9724.com. All related intellectual property rights, data information, and major contracts will also be transferred to Kingsoft.
Founded in 1998, MyDrivers is a Chinese information technology website operator that provides downloads of driver programs, IT news, and testing of IT products. It also runs a website that focuses on various mobile devices and offers services to PDA and smartphone users.