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Chinese Internet services and security software provider Qihoo 360 (QIHU - Snapshot Report) recently announced its decision to team up with Chinese download accelerator software developer, Xunlei to release a version of Qihoo's 360 Safe Browser.

The new product offering will help users to have direct access to Xunlei accelerator functionality through the Qihoo 360 web browser. The download accelerator of Xunlei had previously been incorporated into various Xunlei products, including Xunlei's mobile app, cloud broadcasting service and online game accelerator.

Qihoo had earlier collaborated with Xunlei in Aug, 2007 to form a “safe download alliance.” Kingsoft and Kaspersky also formed a part of the alliance. As per the terms of the alliance, Xunlei was supposed to provide downloads of Qihoo's anti-virus software 360 Safe along with anti-virus software from Kingsoft and Kaspersky.

The recent launch of, the company’s Internet search engine, could be a game-changer, as it is in a position to leverage its broad reach in China to take share from market leader Baidu.

Qihoo 360 is engaged in providing Internet and mobile security products in the People’s Republic of China. The company also provides advertising services on websites, web games developed by third parties, Internet security services such as remote technical support to paid subscribers and other Internet value-added services.

Qihoo reported second quarter revenues of $151.7 million, a 108% increase from $72.8 million in the second quarter of 2012. Qihoo believes that through continuous innovation in the sphere of product development and technology, it has been able to take share in the highly-competitive Chinese search market.

Currently, Qihoo 360 has a Zacks Rank #3 (Hold). Other stocks that look attractive at the moment are Digital River Inc (DRIV - Snapshot Report) with a Zacks Rank # 1 (Strong Buy), and Channeladvisor Corp (ECOM - Snapshot Report) and Demandware Inc (DWRE - Snapshot Report), both with a Zacks Rank # 2 (Buy).

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