BEIJING, June 11, 2014 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah" or the "Company"), a leading mobile internet company that provides mission critical applications to help make the internet and mobile experience speedier, simpler, and safer for users worldwide, announced today that it has reached a definitive agreement to fully acquire HongKong Zoom Interactive Network Marketing Technology Limited ("HongKong Zoom Interactive") for a total consideration payable of up to US$30 million, which includes US$20 million in cash and approximately US$4 million in Cheetah restricted Class A ordinary shares, which will be payable upon closing of the transaction. The remainder will be paid over a two-year period contingent upon the fulfillment of certain performance-based milestones by the management of HongKong Zoom Interactive. The transaction is subject to customary closing conditions.
HongKong Zoom Interactive, together with its affiliated entities, operates a mobile advertising business. As a pioneer and authorized reseller of Facebook ads, one of the top resellers of Google ads in Greater China and a preferred partner for global mobile advertising networks such as InMobi, Millennium Media, AirPush, TapJoy, among others, HongKong Zoom Interactive has developed a trusted partnership with top-tier global mobile publishers and advertisers. Cheetah aims to integrate HongKong Zoom Interactive's advertiser resources and proprietary technology and know-how, such as Mobile DSP and Digital Marketing Performance Analytics, to further strengthen its global mobile monetization capabilities.
"We are very impressed with HongKong Zoom Interactive's technology and its management team. The acquisition of HongKong Zoom Interactive is expected to strengthen our mobile monetization efforts across the board," said Mr. Sheng Fu, Chief Executive Officer of Cheetah. "With this addition, Cheetah will be able to further expand into the overseas market and explore new opportunities for promoting and monetizing our mobile products. We look forward to our strong future together."
HongKong Zoom Interactive, together with its affiliated entities, operates a mobile advertising business. As a pioneer and authorized reseller of Facebook ads, one of the top resellers of Google ads in Greater China and a preferred partner for global mobile advertising networks such as InMobi, Millennium Media, AirPush, TapJoy, among others, HongKong Zoom Interactive has developed a trusted partnership with top-tier global mobile publishers and advertisers. Cheetah aims to integrate HongKong Zoom Interactive's advertiser resources and proprietary technology and know-how, such as Mobile DSP and Digital Marketing Performance Analytics, to further strengthen its global mobile monetization capabilities.
"We are very impressed with HongKong Zoom Interactive's technology and its management team. The acquisition of HongKong Zoom Interactive is expected to strengthen our mobile monetization efforts across the board," said Mr. Sheng Fu, Chief Executive Officer of Cheetah. "With this addition, Cheetah will be able to further expand into the overseas market and explore new opportunities for promoting and monetizing our mobile products. We look forward to our strong future together."
