Alibaba-Backed UCWeb Scouts for Mobile Acquisitions
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UCWeb Inc., the browser maker and app distributor backed by Alibaba Group Holding Ltd., intends to use acquisitions to add more programmers and platforms to fend off competitors Baidu Inc. and Tencent Holdings Ltd.
After investing in or buying 30 companies in the past four years, UCWeb has at least 1 billion yuan ($165 million) in cash and plans to adjust its target for spending this year as it expands globally, Chief Executive Officer Yu Yongfu said in an interview. The company had set a goal to invest 3 billion yuan for 2013 through 2015, and expended 2 billion yuan last year, including capital spending, Yu said.