Yahoo buys Chinese software firm

[Socialist Christian]

http://zdnet.com.com/2100-1104_2-5110601.html

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Yahoo will pay about $120 million in cash over two years to acquire 3721, a Hong Kong-based company that develops software used for Internet keyword searches. 3721 will become a wholly owned subsidiary of Yahoo Holdings (Hong Kong).

Under the deal, Yahoo will take control 3721's Beijing operations, which it considers central to tapping revenue from local small- and midsize businesses.




"The agreement provides outstanding and complementary personnel and technology to support and grow current Internet needs across China and Asia," Allan Kwan, managing director for Yahoo in North Asia, said in a statement.

Yahoo expects the acquisition to close in the first quarter of 2004.