Chinese tech giant Alibaba Group has inked a sponsorship deal with Olympic Games. The collaboration is reported to be worth $800 million. This is one of the biggest agreement in the history of Olympic movement.

Under the terms of the agreement, Alibaba will provide cloud computing and data analytics services for the sporting event. It will also work towards setting up a marketplace for official Olympics merchandise. Additionally, Alibaba will develop an online video channel for Chinese viewers.

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Jack Ma, executive chairman of Alibaba, said in a press release, "Alibaba's partnership with the IOC is built on a foundation of shared values and a common vision for connecting the world and enriching people's lives."

The collaboration will continue until 2028 and will also cover the Winter Olympics 2018, scheduled to be held in South Korea. Alibaba will gain the rights to use Olympics marks and imageries for advertising and promotional purposes. It will also have access to marks from the National Olympic Committees.

With this deal, Alibaba will also get involved in the 'Olympics Channel.' The channel was launched after the 2016 Rio Olympics. It broadcasts Olympic content all year round online and can be accessed using iOS and Android mobile apps.

The new collaboration will further raise international clout of the Chinese technology company. It is also working towards polishing its image on the international stage. The company is currently dealing with an issue of counterfeit goods on its e-commerce site. Alibaba chief Ma said that the company plans to spend more than 1 billion yuan to tackle the issue of fake goods.

TagsAlibaba, Olympics, IOC, Jack Ma