Xperi, the holding company that controls CE brands and technologies including TiVo, DTS IMAX Enhanced and others, announced Tuesday the acquisition of Vewd Software Holdings Limited for $109 million through a mixture of cash and debt.
Vewd is a prominent global brand in over-the-top (OTT) streaming technologies, including maintaining and expanding the operating system and online app store platform of the same name. But its marketing footprint has been particularly large in Europe.
Xperi Holding Corp. is an American technology company that licenses technology and intellectual property in a wide range of technologies and applications including mobile computing, communications, data storage, and three-dimensional integrated circuit technologies. It is known as one of the largest licensing companies in the world.
Xperi said the Vewed IP and assets will be used to globally expand its TiVo brand in the connected TV market and to give the company access to a European business operation encompassing some 15 million devices. These devices “can be enabled for monetization, including activation of TiVo+, a free ad-supported TV service,” the announcement said.
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Vewd’s OTT and hybrid TV solutions ship in more than 30 million connected TV devices annually. Xperi said the Vewd assets will help establish the company as a “leading independent streaming media platform through its TiVo brand and the largest independent provider of Smart TV middleware globally.”
Vewd Software Holdings Limited was found in 2002 with main offices in Norway, Sweden, Taiwan and Poland and has been an independent OTT software provider for Smart TV makers, connected car and video-over-broadband operators.
The company has shipped more than 450 million connected TV devices with Vewd Smart TV Solutions through customers including: Amazon, Commscope, Hisense, Nintendo, Sagemcom, Skyworth, Sony, Swisscom, TCL, TPV Phillips and Vestel.
Xperi said the Vewd management team will continue to run the business as part of Xperi management, and approximately 275 employees will be added from Vewd to Xperi’s ranks.
“Xperi’s TiVo product offerings, when integrated with Vewd’s suite of streaming platform solutions, will help accelerate and scale the deployment of TiVo OS for connected TVs and expand our video-over-broadband offerings,” said Jon Kirchner, chief executive officer of Xperi. “Vewd’s global reach and expertise in providing support to content owners, TV OEMs, and SoC partners as they deploy middleware and OS solutions across various devices is tremendously valuable and further paves the way for additional monetization opportunities as we expand our global footprint of streaming devices.”
“The acquisition of Vewd also 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,” added Kirchner.
“We’re 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 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,” said Aneesh Rajaram, Vewd’s chief executive officer.
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By Greg Tarr
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