He made his first US$1M at the age of 18 and US$100M at 23, and now sold his adtech firm for US$900M at 34
Media.net, a global adtech company started by serial entrepreneur Divyank Turakhia, has been acquired by a consortium of Chinese investors for US$900M
Divyank Turakhia (R) and Zhang Zhiyong (C) sign the acquisition agreement
He plunged into the world of entrepreneurship in 1996 when he was just 14 years old, with the launch of an Internet startup. He became a millionaire when he was just 18 and entered the US$100 million club at the age of 23.
He is now 34, and his adtech company has just been acquired for US$900 million in an all-cash deal.
Media.net, a leading adtech company started by serial entrepreneur Divyank Turakhia, has been acquired by a consortium of Chinese entrepreneurs, led by Zhiyong Zhang, Chairman of Beijing Miteno Communication Technology — a technology, media and telecom business listed on the GEM Board of the Shenzhen Stock Exchange.
The transaction is now closed, with US$426 million being paid by the consortium, and the rest to follow as per the agreed payment schedule and definitive agreement.
The money from the sale will go in to diversified pool of global investment funds co-owned by Divyank Turakhia and brother Bhavin.
“Our team has spent the last several years putting together one of the most comprehensive platforms for ad tech, and we are just getting started,” said Divyank. “The acquisition will enable Media.net to be an even greater platform for innovation and investment on a global scale. Together, we can accelerate the company’s growth and deploy new products and services that will add value for our customers.”
Media.net is a global advertising technology company that develops innovative products for both publishers and advertisers. Since founding, Media.net has built a portfolios of advertising technology in the industry across search, mobile, display, native, local, products and video. Its platform and products are licensed by some of the largest publishers, ad networks and other ad tech companies worldwide.
Media.net has 800-plus employees in key operation centres across New York, Los Angeles, Dubai, Zurich, Mumbai and Bangalore.
Post the deal, Media.net will continue to operate under Divyank and its current management team and retain the business model and culture that have fuelled the company’s success.
“In evaluating this deal, we looked at Media.net’s smart investments over many years to build a large and comprehensive technology stack to escape these trends. Media.net has a proven track record of year-over-year growth, superior technology and solid position to continue to grow in the future. The company’s success in the US, which is arguably the world’s most competitive ad-tech market, is impressive. We look forward to propelling Media.net’s growth in China,” said Zhang.
The deal positions Media.net to grow, innovate and develop new technologies and features at a faster pace. It will provide significant value by accelerating Media.net’s entry in the vast and expanding Chinese ad tech market, currently the world’s second largest with expectations of significant growth in online ad spend. The company expects to see opportunities to grow from the new customer base.
Additionally, access to China capital markets will provide Media.net opportunities to grow organically and to acquire businesses of all sizes worldwide, including in the US and China.
In 2014, Endurance International Group bought four brands that Divyank co-founded with brother for approximately US$160 million.
The post He made his first US$1M at the age of 18 and US$100M at 23, and now sold his adtech firm for US$900M at 34 appeared first on e27.
