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Silicon Valley based Ooyala, a leader in video streaming and analytics solutions, today announced that they have reached a definitive agreement for Telstra to increase its stake in the company from 23 per cent to 98 per cent for USD$270 million.
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The company will become a subsidiary of Telstra, retaining its existing management and its brand name post completion which is expected to take place in the next 60 days.
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Telstra has invested US$61 million in Ooyala over the past two years.
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According to Ooyala, the acquisition will enable them to expand and rapidly scale their operations worldwide to seize the multi-billion dollar opportunity for cloud-based video solutions that enable personalized multi-screen television for mass audiences.
"With this investment, Ooyala is poised to extend our leadership in the rapidly expanding market for personalized cloud TV and video technology. With today's news, we combine the backing of one of the strongest telecommunications companies in the world with the intensity and agility of an independent Silicon Valley company. This combination accelerates our growth and pace of innovation, while we remain laser-focused on helping media companies everywhere win in an industry undergoing massive transformation."
- Jay Fulcher, CEO, Ooyala
"This provides an opportunity for Telstra and Ooyala to establish a consolidated leading global company to deliver platforms and services on which the next generation of TV and video will be built. Telstra's global customer relationships, our established presence in Asia and proven integration capabilities, combined with our expertise in online video and investment in Foxtel provide us a unique opportunity to succeed in this growth market."
- David Thodey, CEO, Telstra
