Global Search giant Yahoo Inc acquired over 35% stake in an Indian Online ad network company, Tyroo Media which is a part of Smile Interactive Technologies group, reports Infoworld.com.
About the purchase, Yahoo! India’s Managing Director, George Zacharias commented, â€œWe are happy to partner with Tyroo as it gears towards gaining significant market share in the Indian online advertising industry. Through this investment, Yahoo! will act as a catalyst for the entire ad-network industry in India which is still in a nascent stage. It will also signify our increasing focus in Indian online advertising networks.â€
“The deal with Tyroo will allow Yahoo to grow its business with third-party publishers in India while it prepares to bring its revamped advertising system, code-named Panama , into the country, along with technology it acquired from Right Media, Zacharias said.”
Smile Group’s CEO Harish Bahl said, â€œIt gives me great pride that Yahoo!, one of the leaders in the online media, technology and advertising space, has invested in our business. The global knowledge and experience that Yahoo! brings will help us scale our business. The funding raised will be used to further enhance our ad-serving technology, build a world-class team, and gain market share through reaching out to hitherto untapped advertisers and publishers in India. The investment by Yahoo! is an indicator of the confidence which they have reposed in the Tyroo team and its vision for growth.â€
The sum of the purchase is undisclosed. Back in May, Yahoo! Coughed up $680 million to purchase Right Media. A few hours back, Yahoo! announced their 2007 Second quarter earnings which showed an 8 % increase in revenues.