KIT Digital Acquires Polymedia
The buying spree continues for KIT Digital of Prague, which has just snapped up Polymedia for $34.4 million U.S., plus some limited performance-based earn outs.
Polymedia, based in Milan, Italy, is a subsidiary of TXT e-solutions, a public company. Polymedia has over 10 years experience delivering large-scale IP video platform solutions to major clients across Europe, North Africa, and the Middle East. Polymedia's solutions manage the lifecycle of video from acquisition to distribution. The company offers rich metadata tools and integrates with third-party software. It counts over 90 clients, including Telecom Italia, Mediaset, Sky Germany, RAI, Vodofone Italia, and Ericsson.
KIT's goal is to gain tools that will let it deploy its network operator and broadcaster solutions more rapidly. Those deployments include video-on-demand stores, subscription video-on-demand, catch-up TV, e-commerce integrated promotions, and ad-sponsored content.
KIT is paying $34.4 million for Polymedia, including $17.2 million in cash and the same amount in KIT Digital common stock. The transaction should close in 30 days.
"We are currently witnessing a multi-industry sprint to own the relationship between the consumer and their premium content source," says KIT Digital's chairman and CEO, Kaleil Isaza Tuzman. "The ability to derive revenue from media content is becoming increasingly important as the network operator sector experiences rapid changes in device types, consumer behavior, delivery infrastructure, and publishing points."
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