New Delhi: Internet giant Yahoo said on 18 July it has bought more than 35% stake in Gurgaon-based ad-network provider Tyroo Media for an undisclosed amount.
“Yahoo India has bought more than 35 but less than 50% stake in Tyroo for a significant amount and the tie up would help us cater to our international clients who want to advertise in India,” Yahoo India managing director George Zacharias told reporters.
The deal would help Yahoo use Tyroo’s technological platform for consolidating presence in domestic online advertising space and cater to international clients looking to sell their products in India.
Tyroo’s engineering capabilities and understanding of the online ad marketing would help creating synergies between the two companies, he said.
He refrained from divulging financials, but said Yahoo has been active in the online advertising space across the world and the deal was a part of its global strategy.
Yahoo had bought 20% stake in US-based open media exchange Right Media in October last year and remaining 80% in April this year for $680 million.
The money infused by Yahoo will be used for increasing Tyroo’s clients, including advertisers and publishers, and improving technology by introducing new advertising formats.
“The amount raised would be used for increase the number of customers and advertisers and handholding them, for which we will appoint a nationwide sales team. Also, the tie-up would help us in increasing international presence through Yahoo,” Smile Group CEO Harish Bahl said.
Tyroo Media, a part of Smile Interactive Technologies Group, is a self-serve online ad-network.