Tencent Buys Comsenz

Chinese internet company Tencent has acquired Google-backed social network Comsenz for $60 million.

The move is being regarded as a bid to expand its presence in the emerging social networking market in Asia and comes after the company invested around $300 million in a Russian social network.

According to state news agency Xinhua, Tencent, the dominant player in the online gaming and instant messaging market in China, is vying to expand into the social networking market.

Comsenz had been backed by a number of companies, including Google, Morningside Ventures and Sequoia Capital.

Tencent said that, at present, Comsenz has more than 1.4 million users on its open source social networking platform Discuz!.

The company plans to integrate Discuz! with its instant messaging platform QQ in order to bring the social network to the 400 million-strong Chinese Internet market.

The acquisition will also allow Tencent to better compete with rivals Baidu and Alibaba in the rush to capitalise the emerging Chinese Internet market.