A China-based B2B digital commerce platform has just struck a deal to acquire an information technology portal, reports said Wednesday (March 25).
B2B commerce site Hc360.com will acquire Zol.com.cn for about $240 million. Reports added that the takeover includes the acquisition of several sites under the ZOL brand, financed through 30 percent in cash and the remaining 70 percent in stock.
Zol.com.cn was recently divested from CBSi Group earlier this year. Reports did not indicate how the takeover of an IT firm will boost Hc360.com. But the acquisition could signal growing strength of a company in China’s B2B digital commerce market.
The industry is largely seen as up-and-coming, having been given a boost by eCommerce behemoth Alibaba. But recent research from iResearch found that startups are beginning to take greater control of the industry, and China saw nearly 20 percent growth in the B2B eCommerce market last year.
The data revealed that in 2014, B2B eCommerce operations spiked by 30 percent among China’s SMEs. Experts predict that the industry will be valued at more than $8.5 billion by 2018.