The Chinese investment company China Convergence Fund has closed a deal to acquire the technology of the Instime social media promotion service, created by Ukrainian developers.
This was stated in a press release from the company.
The final amount was not disclosed by either party. However, according to investment analysts and market experts, the deal could have reached $15 million.
China Convergence Fund previously worked exclusively in the Chinese market, but it has decided since 2019 to expand its activities to European countries.
While searching for promising startups, the fund’s leaders were interested in the Instime application. The founder of the project is Ukrainian Vadim Mashurov. They considered his technology promising and applicable for the Chinese market.
The Instime service is used for fast promotion and monetization in social networks. It can serve to develop both private and commercial accounts. The platform allows users to increase the number of followers and sales in a short amount of time.
As part of the deal, the Chinese side received access to a marketing technology that offers users various activities for which they receive rewards. The system is fully automated and successfully tested in 110 countries.
China Convergence Fund is also now the owner of Instime’s artificial intelligence, which can adapt to the user. AI can, in accordance with the preferences of the client, like and comment on the pages he likes. This is all used to get more traffic.
Disclosure: We might earn commission from qualifying purchases. The commission help keep the rest of my content free, so thank you!