Lycos Asia has completed its acquisition of Chinese-language portal Myrice.com in a move to enhance its foothold in the region.
The company refused to disclose the financial details but said it entailed an offshore arrangement. Unconfirmed reports suggest the acquisition would cost US$13 million.
Myrice.com attracts more than half a million visitors per month and ranks eighth among all domain names in China, according to a report by Internet market research firm NetValue in January.
Lycos Asia chief operating officer Michael Ripps said the acquisition would give the company a stronger presence in the Asian market.
'It has becoming clear to everyone in the portal business that this is a scale business,' he said in Singapore yesterday.
'Lycos Asia had a very small presence in China . . . and Myrice had difficulty reaching some of our partners in the US and Europe. So [with this deal] we are bringing revenue into areas that we could not have done on our own.'
He said the company would continue to look at possible Asian acquisitions.