Internet Protocol television technology provider Amino Technologies has acquired Booxmedia, a Finland-based cloud TV platform developer backed by digital media company Alma Media and telecommunications firm DNA, for €7.9m ($8.6m).
Founded in 2009, Booxmedia has created cloud TV software that gives service providers the capability to launch their own live TV and on-demand video services without the need to build their own technology infrastructure.
Booxmedia raised €450,000 in March 2014 in a round featuring Alma Media and DNA.
Amino will pay €7.2m in cash and €700,000 in shares, with a further €2.6m in cash and shares to be added dependent on Booxmedia’s revenue over the next three years. It plans to add Booxmedia to its existing over-the-top (OTT) video services.
Donald McGarva, Amino’s CEO, said: “Complementary to our current offering, we will now also be able to provide a new, proven and scalable solution to additional markets both within the mobile space and the wider OTT marketplace.
“Increasingly, “TV everywhere” is the primary route for new agile operators in launching TV services alongside voice and broadband offerings and we look forward to working with the Booxmedia team in targeting these markets.”