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