Video sharing platform Vimeo agreed on Tuesday to acquire Livestream, the US-based developer of a live video-streaming platform, in a deal that will give an exit to media conglomerate Gannett.
Terms of the deal were not disclosed, but it is expected to close early in the fourth quarter of 2017.
Founded in 2007, Livestream has developed software that enables organisations to broadcast live video content over the internet, and it is used to power more than 10 million online broadcasts each year.
Gannett invested $10m in Livestream in 2008, and the company raised a further $2m in equity funding in 2011 according to a regulatory filing. Its customers include Time Warner Cable, Deloitte, Nasdaq, TED Conferences, Facebook and Marvel.
Once the deal goes through, Livestream’s technology will be integrated with Vimeo, a subsidiary of internet and media group IAC, to power its new live streaming product, Vimeo Live.
Mark Kornfilt, Livestream’s co-founder and CEO, said: “We are thrilled to join Vimeo’s world-class platform, where we can accelerate the adoption of professional-quality live video by combining our tools and capabilities with Vimeo’s video expertise and global scale.
“Together, we will be able to go faster and further in making live video a truly ubiquitous form of communication for businesses and organisations.”