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Technology / Networks

Qihoo 360 plans to buy Sogou search engine

China’s second-largest search engine is planning to buy a rival in a deal expected to be worth up to $1.4bn.

Qihoo 360 Technology hopes to buy out’s search engine Sogou in an attempt to strengthen the company’s position in the Chinese market against top rival Baidu, which manages over 80% of the total online queries in China.

According to a report, Sogou handled about 5.5% search-engine queries in China in the March quarter, while Qihoo 360 managed about 9% of queries in the country.

Qihoo 360 said that the Company continues to explore various potential investment and strategic alliance opportunities from time to time.

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"No agreement has been reached with respect to a significant transaction in such nature," the company added.

"In keeping with its US securities law obligations and as a matter of good investor relations, Qihoo 360 will update the market should there be any new material development."

This article is from the CBROnline archive: some formatting and images may not be present.

CBR Staff Writer

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