Beijing-based Miteno Communication Technology is reportedly acquiring ad-tech startup Media.net for about $900 million in cash, the advertising firm that powers the ads offered by Yahoo! and Microsoft's Bing announced on Monday.

The Chinese consortium, which is spearheaded by Zhang Zhiyong, said Miteno Communication Technology aims to expand Media.net's presence in China after its success in the United States, Fortune reported.

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"Outside of their continued expansion in the US and EU, we will use our China relationships and expertise to help [Media.net] become successful in China," Zhang said. "We have deep relationships with all three telecom companies in China, and they are looking for solutions that will help with defining and implementing their digital advertising strategy."

The company posted a $232 million revenue last year, more than half of which were from mobile visitors. The United States, on the other hand, accounts for 90 percent of Media.net's total revenue.

Media.net, which is based in Dubai and New York, is poised to the third biggest ad-tech acquisition in history, according to Bloomberg.  The business, which was started by technology entrepreneur Divyank Turakhia in 2010, managed to attract seven potential buyers.

Media.net provides the contextual ads offered by Yahoo! Inc. and Microsoft's Bing search engine. The system, which picks ads based on the web page they appear on, is similar to the one offered by Google, Bloomberg noted.

The Chinese consortium has reportedly paid $426 million with the remainder to follow. Miteno Communication Technology has reportedly been "moving aggressively" into the mobile advertising sector.

TagsMiteno, Miteno Communication Technology, Media.net, Yahoo, Microsoft Bing, ad-tech, digital advertising