Chinese live streaming giant YY.com has confirmed acquiring Singapore based social video streaming platform Bigo Live. The $1.45 billion deal will see the Chinese major take over the firm completely along with the short-video service platform Like. Notably, YY had already purchased nearly 31% stake in the company and now with this purchase, the Chinese company now took over the remaining 69% stake as well.
The Nasdaq listed YY.com was launched in 2005 by Xueling Li. The company initially was a gaming portal when launched and later also turned as a streaming service provider platform. GGV Capital, Morningside Group, Steamboat Ventures are the investors in the company.
BIGO LIVE, on the other hand, was launched by David Xueling Li. The company has made massive inroads in the Southeast Asia region since its inception. It has raised about $272 million in funding from YY.com, its founder and Ping An Overseas Holdings. Bigo has become very famous among the younger generation's online community. Bigo claims to have a presence in more than 100 countries which include the countries like Vietnam and Cambodia along with Paraguay, Yemen, and Angola.
YY founder Li talking about the acquisition said We are very excited to announce the completion of the acquisition of Bigo. It is an important milestone for YY group which demonstrated our confidence and commitment to the globalization strategy." Talking further Li added that with the deal, they plan to become the leading video-based social media platform.
It’s an interesting bet by YY as with this purchase, YY will have plans to explore the potential of global expansion.
Image Courtesy : dealstreetasia, bigolive