Rumor: Baidu to Acquire Aibang for USD 100 Mln
Tech2ipo.com, 3/19/13
Chinese local search service Aibang will be acquired by Chinese internet company Baidu (Nasdaq: BIDU), revealed Feng Dahui, CTO of Hangzhou-based online medical portal DXY (Dxy.cn), yesterday. Other rumors stated that while Baidu is interested in making a wholesale acquisition of Aibang's operations, Aibang hopes to maintain its independence, although it does not rule out accepting Baidu as an investor in the company.
Aibang declined to comment on the matter.
Baidu has reportedly set a valuation of USD 100 mln for Aibang. According to Aibang COO Ma Haiping, the company achieved overall profitability in September 2012.
A portion of Aibang's core team is known as the "Baidu Clique." Aibang CEO Jerry Liu is the former CTO of Baidu, co-founder Zhou Limin was Baidu's former chief network architect, and COO Ma Haiping is the former head of Baidu's business development division.
Editor's Note: For more information on this topic, please see Aibang Seeks New Round of Funding and Aibang Achieves Overall Profitability
Keywords: Zhou Limin Internet local search Baidu Aibang BIDU Feng Dahui Ma Haiping Jerry Liu online search M&A
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