Comsenz, the Chinese social networking company backed by Sequoia Capital and Morningside Ventures, has been acquired by Tencent Holdings, one of China’s largest internet companies, the company said in a statement.
The transaction, which the statement said will close soon, is worth more than $60 million, according to China Business News.
Sequoia invested in Comsenz in both 2006 and 2007, while Morningside invested in the company only in 2007. Morningside declined to comment on either the size of its original investment in the company or how much it would make from the exit, and Sequoia could not be reached by press time.
Beijing-based Comsenz was also backed by Google, which invested $1 million in the company in 2007. The firm was established in 2001 and currently has more than 200 employees, according to its website.
Founded in 1972, Sequoia manages more than $6 billion of assets across almost 30 funds, according to its website. Currently, Sequoia China manages over $1 billion and RMB1 billion across its offices in Hong Kong, Beijing and Shanghai. The firm also invests in India, Israel and the US.
In April, Sequoia joined a consortium of venture capital investors including GSR Ventures, Ceyuan Ventures and Fidelity Asia to pump $20 million into mobile security provider NetQin Mobile in a third-round funding.
Established in 1986, Hong Kong-headquartered Morningside has made investments in North America, Europe and Asia Pacific, but has shifted its focus to China since 1992, according to its website. In China, the firm has made investments in the sectors of machinery manufacturing, high-tech, media, telecommunication, life science, education and cleantech.