China Convergence acquired the Instime technology belonging to Ukrainian developers: The deal is estimated to be worth $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
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.
The parties did not disclose the final amount. 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. They considered its technology promising and applicable for the Chinese market.
The Instime service is used for fast promotion and monetization in social networks. The founder of the project is Ukrainian Roman Felyk. It can be used 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 now also the owner of the Instime artificial intelligence, which can adapt to the user. It can like and comment on the pages they like according to the preferences of the client. This is all used to get more traffic.