Boxee, an Israel-based company which provides a cloud-based digital video recording (DVR) service, has been acquired by South Korea-based consumer electronics company Samsung. Investors in Boxee include Softbank Capital, New York, a strategic investment affiliate of Japan-based telecommunications, internet and media conglomerate Softbank Group.
The acquisition price is reported to have been around $30m. Founded in 2007, Boxee previously raised $26.5m in three rounds of funding from investors including, besides Softbank, Spark Capital, Union Square Ventures, General Catalyst Partners, and Pitango Venture Capital.
Samsung plans to use Boxee’s technology across its Internet-connected devices. Boxee said in a company statement: “We started on this journey six years ago, and have been at the forefront of the changing TV and video landscape. We believe that over the next few years the video market will change even more than it has in the past few decades.
“Joining Samsung means we will be able to work on products that marry the best hardware and software in the TV space, products that will be used by tens of millions of people and will help to shape the future of TV.”