It has been confirmed that Prosus, one of Tencent’s largest shareholder, has agreed to acquire renowned Q&A site Stack Overflow. According to multiple reports, the company has agreed to acquire Stack Overflow for US$1.8 billion (~RM7.42 billion).
With Stack Overflow serving over 100 million users monthly and a recent integration into Microsoft Teams, the tech investor said that the acquisition allows them to strengthen their already significant enterprise presence.
For the uninitiated, Prosus is majority-owned by the South African investment firm, Naspers. In 2001, Naspers invested US$32 million (~RM132 million) in China’s Tencent. That stake is now worth more than $200 billion (~RM824 billion).
Due to market limitations of the Johannesburg Stock Exchange, it spun out the Tencent holding and other tech investments into Amsterdam-listed subsidiary Provus in 2019 while retaining 73% of the company. The South African tech giant sold a fraction of its Tencent shares in April, raising a little more than $15 billion (~RM61.9 billion).