SAN FRANCISCO (Diya TV) — AdTech pioneer Media.net has been acquired by a Chinese consortium from internet entrepreneur Divyank Turakhia’s Starbuster TMT Investments in an all-cash transaction of $900 million.
At the head of the table in the consortium is Zhiyong Zhang, Chairman of Beijing Miteno Communication Technology, a technology, media and telecom business listed on the GEM Board of the Shenzhen Stock Exchange.
Media.net is a fairly large, growing and profitable business with current annual revenues of $232 million. Additionally, the company manages more than $450 million of annual advertising revenue via its homegrown platform, more than which 50 percent of which is generated from mobile users.
Currently, more than 90 percent of the company’s revenue stems from the U.S. With seven offices worldwide, including its global headquarters in Dubai, and U.S. headquarters in New York City, the company currently employs 800 workers.
“Our team has spent the last several years putting together one of the most comprehensive platforms for AdTech, and we are just getting started. The acquisition will enable us to be an even greater platform for innovation and investment on a global scale,” said Divyank Turakhia, Media.net’s founder and CEO.
Turakhia has a proven track record of performance, and has consistently showcased considerable success with other exits. In 2014, Endurance International Group bought four brands that he co-founded with his brother, Bhavin Turakhia, for approximately $160 million. He started his first internet business in 1996 at the ripe age of 14, pocketed his first million at 18, his first 100 million at 23, and has already crossed into the billionaire boys club at the prime age of 34.
