Qihoo 360 Invests CNY200 Million For Internet Smart Router JV
January 20, 2015
Right!! one day old news..
Following its recent partnership with Coolpad for smartphone development, Chinese Internet security software provider Qihoo 360 has now announced a new smart hardware joint venture project.
Qihoo 360 officially confirmed that the company will invest CNY200 million to establish a joint venture with Netcore that aims to explore the Internet smart router market.
Zhou Hongyi, founder of Qihoo 360, will be chairman of the new joint venture; while Lu #$%$, senior vice president of Netcore, will be chief executive officer.
Commenting on the cooperation, Qihoo 360 said that Internet companies need to implement close cooperation with the manufacturing industry to create a full hardware and software ecosystem. Meanwhile, traditional companies can depend on the Internet companies to introduce smart, Internet, and cloud technologies into their products, so as to increase their profit.
In addition, Qihoo 360 announced that after 49 times of version optimizations, its new-generation router P1 will soon be launched.
The company generated approximately $5.8 billion in cash from operations, paid dividends of $1.1 billion and used $4.0 billion to repurchase 115 million shares of stock.