Alibaba to acquire Shenzhen export service provider
Shanghai. November 17. INTERFAX-CHINA - Alibaba.com Ltd., China's largest business-to-business (B2B) e-commerce platform, will acquire Shenzhen-based One-Touch Enterprise Service Ltd. (One-Touch), Alibaba announced on Nov. 15.
The acquisition will allow Alibaba to integrate One-Touch's expertise in export-related value-added services into its current transaction chain, according to the announcement.
Financial terms of the acquisition were not disclosed.
The purchase is Alibaba's fifth takeover in the past twelve months, following software developer Alisoft, Internet infrastructure service provider Hi-China and two U.S. e-commerce companies Vendio Services, Inc and Auctiva.
Chen Shousong, an analyst with Chinese consultancy Analysys International, told Interfax on Nov. 17 that the acquisitions were in line with Alibaba's long-term strategy, though they may not influence its business in the short-term.
Alibaba registered a net profit of RMB 366 million ($55.27 million) for the third quarter of 2010, up 55.1 percent year-on-year, according to the company's financial results.
Founded in 2001, One-Touch is China's leading one-stop import and export service platform, providing services including clearance, logistics, cargo insurance and currency exchange.
-LX