Beijing, China, June 11, 2014 － UCWeb Inc., the No. 1 mobile browser company in China, and Alibaba Group ("Alibaba") announced today that Alibaba has fully acquired UCWeb and will form the UC mobile business group under the leadership of Yu Yongfu, chairman and chief executive of UCWeb. Prior to this, Alibaba held approximately 66% of the economic interests of UCWeb in the form of convertible preferred shares. The consideration for the acquisition of the remaining equity interest in UCWeb that Alibaba does not already own will be in the form of Alibaba shares and cash.
The move highlights the comprehensive integration of Alibaba and UCWeb following Alibaba's investment in UCWeb in 2009 and 2013, and will enables deeper synergies between the companies by marrying Alibaba's strengths in e-commerce, cloud computing and big data technology and UCWeb's leading market position and technology in mobile.
The UC mobile business group of Alibaba will oversee the browser, mobile search, location-based services, mobile gaming, app store and mobile reader operations.
"We are excited to welcome nearly 3000 new colleagues to the Alibaba family who share the same mission and passion as our team. Alibaba and UCWeb both hold firm to our beliefs and share a vision to improve people's lives through the power of the Internet," said Jack Ma, executive chairman of Alibaba Group.
"Alibaba has unconditionally supported UCWeb's endeavors' over the course of past five years and we are excited to become a part of the team," said Yu Yongfu, chairman and chief executive of UCWeb. "Alibaba has experience in converging the Internet and other industries and this has enabled Alibaba to break barriers to what ordinary Internet companies are not able to achieve; together, we look forward to combining our strengths to further push the boundaries of the Internet and create an even more enjoyable and diverse experience for our users."
UCWeb was founded in 2004. Its flagship product, UC Browser, has more than 500 million quarterly active users worldwide. It was one of the top five mobile apps in China based on mobile MAU in February 2014 with a market share of more than 65.9%, according to Beijing-based market researcher iResearch. The company also owns a gaming platform UC 9Game as well as the PP Mobile Assistant, which is a leading mobile apps distribution channel in China.
This April, UCWeb and Alibaba launched a mobile search service, Shenma. UCWeb also has a strong overseas user base with significant market share in 10 countries outside China. It is the largest mobile browser in India with more than a 30% market share according to web traffic monitor service StatCounter.
UCWeb Inc. (UCWeb) is a leading provider of mobile Internet software and services. Since its inception in 2004, UCWeb's mission has been to provide better mobile Internet experience to billions of users around the world. The flagship product of UCWeb, UC Browser, is available on more than 3,000 different mobile phone models from over 200 mobile phone manufacturers, and is compatible with all mainstream operating systems. Serving over 500 million quarterly active users in more than 150 countries and regions around the world, UC Browser is now available in 11 languages including English, Russian, Indonesian, and Vietnamese. For more information, visit www.ucweb.com.
About Alibaba Group
Alibaba Group's mission is to make it easy to do business anywhere. The company is the largest online and mobile commerce company in the world in terms of gross merchandise volume. Founded in 1999, the company provides the fundamental technology infrastructure and marketing reach to help businesses leverage the power of the Internet to establish an online presence and conduct commerce with hundreds of millions of consumers and other businesses.
Alibaba Group's major businesses include:
Alibaba Group also provides payment and escrow services on its marketplaces through its association with Alipay (www.alipay.com), a related company of Alibaba Group.
Through China Smart Logistics, a 48%-owned affiliate, Alibaba Group, operates a central logistics information system that connects a network of express delivery companies in China.