Europe’s largest tech investment firm, Prosus, has announced that it has acquired US firm Stack OverFlow for $ 1.8 billion. Enough to allow it to diversify its holdings outside the Chinese markets.
Stack OverFlow operates a free site for software engineers to share questions and answers, and has an enterprise product, Stack OverFlow for Business, which allows you to do the same in large organizations and on a variety of topics.
Prosus owns around $ 200 billion in shares of Tencent, the Chinese internet giant. In April, the company sold part of its Tencent shares, raising nearly $ 15 billion. This transaction reduced its share of Tencent from 30.9% to 29.9%. Prosus says they see better long-term investment opportunities outside of China.
Over 60 millionaires
Stack Over is an iconic site for programmers and its sale has created 61 millionaires, according to a tweet from co-founder Jeff Atwood.
The acquisition of Stack OverFlow strengthens Prosus’ investments in technology training companies and also reflects the changing landscape. Large companies are now focusing on telecommuting and distributed teams in different geographies.
Prosus manages many different investments in technology companies and investment groups around the world, for example Movile, in Brazil, and delivery giant iFood.