Based in USA Xperi acquired the Oslo-based OTT and hybrid TV solutions platform Okay for $109 million in cash and debt to compete against Amazon, Google, Roku and Comcast. The acquisition will see Xperi integrate the OTT solutions startup into TiVo branded umbrella.
The Norwegian streaming media platform claims to offer OTT and hybrid TV solutions to more than 30 million receivers, media players and other connected TV devices annually, including 15 million devices in Europe.
Xperi said the deal would give it an installed European footprint of about 15 million devices and pave the way for the expansion of TiVo+, a free ad-supported video streaming service launched in 2019.
The deal comes on the heels of Vewd’s Chapter 11 restructuring in December, in which it traded $118 million in equity for debt relief.
John Kirchner, CEO of Xperi, said: “The acquisition of Vewd strengthens the growth prospects of our product business as we prepare to separate our IP and product businesses this fall. We expect additional revenue of $10 million in the second half of this year, followed by significantly higher revenue and a positive contribution to EBITDA in 2023.”
CEO of Vewd Anesh Rajaram, who will continue to oversee the business, said: “We are excited to join the Xperi family and look forward to combining the experience, skills and scale of both organizations to deliver new innovations for our customers. Together, we are ready to deliver more engaging experiences to the millions of viewers around the world who enjoy the TV shows, sports and movies they love through our platform.”