Tongbu, Mobile App Distributor by 91 Wireless Founder, Expected to Sell for US$174.5M
Oct 8, 2014
Tongbu for iPad
Taiwan-based game developer XPEC Entertainment announced to acquire Tongbu Technology Ltd. , an mainland China-based mobile app distributor, for RMB1.068 billion (about US$174.5mn). Tongbu started as an iOS software & content manager, and now also offers app download service for Android. The company makes revenues through revenue shares from some games on its platform, advertising, among others. It was founded in 2010 by Xiong Jun, the founder of app distributor 91 Wireless which was acquired by Baidu last year for US$1.85 billion . Mr. Xiong reportedly sold 91 Wireless, which started from for RMB100 million to NetDragon in 2008. Tongbu is venture-backed by Innovation Works, the venture capital firm backed by Kaifu Lee, and Cai Wensheng, one of the top angel investors in China. Its competitors in mainland China include PP Assistant, which has been acquired by UC Web (now a Alibaba company), and App111, which is now a Baidu company .