Software producer Qihoo 360 Technology has paid $100m for a majority stake in China-based digital marketing company MediaV, the Wall Street Journal has reported, citing James Mi, co-founder of Lightspeed China Partners, as the source.
Mi said that Qihoo took a stake sized at between 50% and 60%, and that existing investors Lightspeed Venture Partners, with which Lightspeed China is affiliated, GGV Capital and Soros Fund Management have retained reduced stakes in MediaV.
MediaV has also initiated talks with bankers over a possible US flotation in the next two years, he added.
MediaV develops digital advertising and marketing analytics technology. It has raised about $43m in funding, including $15m in a series B round in 2010. Lightspeed Venture Partners currently holds about 10% of the company.