Compaq Computer Corp., CMGI Inc. and Shanghai Information Investment Inc. Monday joined forces to target the Chinese Internet market.
SII, which acts as the Internet investment arm of the local Shanghai government, and the two American Internet players will form a Shanghai-based joint venture to offer Internet services, investment consulting and Internet business management solutions.
No specific product or service launches were described, and the companies did not disclose any financial arrangements for the deal.
SII may leverage its interests in a wide range of Chinese companies, including Shanghai Information Network, Shanghai’s ATM backbone, local broadband network Shanghai Cable Network, and digital certificate service Shanghai E-Commerce CA Center. The company also has investments in telecom, media, and ISP services.
SII chairman Yang Xiong expects the alliance to”become a major force in China’s Internet development.”
Compaq (CPQ) said the joint front will bolster its other moves in the region, which include an e-commerce competency center and customer support service.
CMGI (CMGI) itself is an ever-expanding stable of Internet companies, and counts both Compaq and Asian Internet player Pacific Century CyberWorks as investors.The most well-known turn of the extended relationship between CMGI and Compaq came when the PC maker sold the AltaVista portal to CMGI for $2.3 billion in June.